"The U.S. economy grew at a slight to modest pace this spring as companies struggled with higher prices and labor shortages, the Federal Reserve said in a report.
"Retail contacts noted some softening as consumers faced higher prices, and residential real estate contacts observed weakness as buyers faced high prices and rising interest rates," the Fed said Wednesday in its periodic compilation of business anecdotes, known as the beige book.
Many companies reported strong price increases and passed along higher prices to consumers. However, some cited customer pushback.
For instance, a large grocery chain in the Cleveland Fed district said that "customers have recently taken aggressive steps to save. They've shifted from national brands to cheaper store brands. They are also doing things such as purchasing half a gallon of milk instead of a gallon."
Some firms said labor-market tightness was easing and cited hiring freezes. Across Fed districts, though, worker shortages continued to slow production." [1]
1. U.S. News: Companies Notice Shopper Pushback
Sarah Chaney Cambon.
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 02 June 2022: A.4.
Komentarų nėra:
Rašyti komentarą