BULLET: FED BEIGE BOOK: Most Fed districts saw modest to but.>

FED BEIGE BOOK: Most Fed districts saw modest to moderate growth, but 

trade concerns continued to weigh despite a "solid" holiday season.

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- Outlooks generally remained positive. Dallas and Richmond reported 

above-average growth, while Philadelphia, St. Louis, and Kansas City 

reported sub-par growth.  

- Employment continued to rise modestly; wage growth continued with 

most districts citing widespread labor shortages as a factor 

constraining job growth and business expansion. 

- Consumer spending grew at a modest to moderate pace, with a number 

of districts noting some pickup from the prior reporting period.

- Prices rose at a modest pace, as did input costs. Retail selling 

prices rose at a slightly faster, but, still subdued, pace. A few 

districts indicated that businesses were passing along tariff costs to 

consumers. 

- Manufacturing activity was essentially flat. Richmond reported that 

manufacturing slowed slightly as tariff and other trade policy 

uncertainties continued.  

- Agricultural conditions little changed overall. The Chicago district 

reported that the prospects of a trade deal with China boosted farmers' 

outlooks.  

- Beige Book compiled by New York Fed with data gathered through Jan. 6.