Update, Beige Book
By Staff -- Purchasing, 7/15/1999
The Federal Reserve's regional anecdotal roundup for June finds a strong economy "with gains in activity widespread." The report says manufacturing activity continues to improve in most areas. "Production of such items as electronics, machinery, heavy trucks, and construction equipment has been especially strong, although some sectors, such as steel and apparel, continue to face stiff competition from foreign producers." Construction also continues to grow "at a brisk pace." Labor markets are described this month as "extremely tight...with no signs of easing in the foreseeable future." The report says that persistently tight labor markets have resulted in "many reports of increased wage pressures, especially for some specific industries and skilled occupations." And while wholesale prices "remain generally subdued," regional Fed business surveys find "pockets of higher prices for some specific sectors and goods," for example, cardboard, packaging materials, metals, and ethylene-based petrochemicals. Sheet rock, according to the report, continues to experience substantial price increases.
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