BULLET: FED BEIGE BOOK: All 12 districts reported "modest to.>

FED BEIGE BOOK: All 12 districts reported "modest to moderate" econ 

growth in Jan and Feb.

-All districts reported an increase in prices, most noting "moderate

inflation."

-Tax cuts has had mixed effects within the districts, with few reporting

modest increases in compensation due to the reform.

-Most districts saw employers raise wages and expand benefit packages 

due to labor mkt tightness. In many districts, wages reportedly "picked 

up to a moderate pace".  

-Employment grew at a "moderate" pace, but still saw labor mkt tightness 

and "brisk demand" for qualified workers, especially noticed in the 

construction, IT, and mfg sectors. 

-Consumer spending was mixed, with non-auto retail sales seeing increases

in over half of the districts, while auto sales were flat or declined in

every district. 

-Steel prices saw "a marked increase" across four districts in part due

to foreign competition decreasing.  

-Districts see modest growth in home sales and construction. However, 

construction remains constrained due to shortages in labor and materials.