Slowing global growth and the 35-day partial federal government shutdown weighed...
WASHINGTON - Slowing global growth and the 35-day partial federal government shutdown weighed on the U.S. economy in the first weeks of 2019, but it continued growing amid still-tight labor markets, the Federal Reserve reported on Wednesday.
The pace of growth was “slight-to-moderate” in 10 of the Fed’s 12 districts, with those in Philadelphia and St. Louis reporting “flat economic conditions.” Job and wage gains, however, continued, with the St. Louis district reporting that opportunities for work were so plentiful that college enrollment was dropping “as potential students were increasingly choosing to enter the labor market.”
But it also hinted at price pressures building in parts of the economy. The Fed’s Cleveland district, for example, outlined an economy where price hikes were being passed among firms, with some feeling they were able to pass them along to consumers, and others not. Manufacturers in particular “conveyed concerns about weakening global demand, higher costs due to tariffs, and ongoing trade policy uncertainty.” In some areas, including the Philadelphia district, that caused regional growth to grind to a halt.
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