The US labour market remained in a low-hire, low-fire state while inflationary pressures intensified across parts of the country in recent weeks, according to a Federal Reserve report released on Wednesday, highlighting the challenges facing policymakers as they consider another interest rate hike later this month, Reuters reported.
The Fed's latest Beige Book, which compiles business surveys and economic assessments from its 12 regional banks, showed that economic activity was expected to grow modestly in much of the country. However, persistent uncertainty continued to weigh on the outlook, with manufacturing emerging as a relative source of strength.
