Tariffs and growing trade concerns overshadowed the Fed's Beige Book, even though all 12 regions reported continued solid employment growth with few signs of overheating. The outlook remained positive, but contacts in several sectors, including manufacturing, agriculture, and transportation, expressed concern about recently imposed and/or proposed tariffs. The report showed that businesses continued to struggle to fill open positions, particularly skilled positions. Despite this, most districts reported only modest wage growth.
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