Job gains strong, prices rising as U.S. recovery continues -Fed Beige Book

FILE PHOTO: A “Now Hiring” sign advertising jobs at a hand car wash is seen along a street in Miami, Florida, U.S. May 8, 2020. REUTERS/Marco Bello/File Photo

WASHINGTON (Reuters) – A strengthening U.S. economy was spinning off broad-based job gains through early July that were particularly strong for lower-skilled occupations, the Federal Reserve reported Wednesday in its latest Beige Book compendium of reports about the economy.

But prices were also strong, rising “at an above-average pace,” the Fed said, with its business contacts apparently uncertain that higher inflation would fade soon. “While some contacts felt that pricing pressures were transitory, the majority expected further increases in input costs and selling prices in the coming months,” the Fed reported.

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