Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday.
In a survey of business conditions around the country, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace, and the outlook for future growth remains positive.
But some of the Fed’s some business contacts expressed uncertainty about when the problems presented by supply chain bottlenecks and labor shortages might begin to ease.
In part because of the supply chain problems, price increases were reported to be widespread across the economy.
“There were wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges and labor market tightness,” the Fed’s report, known as the beige book, said.
The Fed survey, which is based on interviews with business contacts last month in all 12 of the Fed’s regional bank districts, will form the basis for discussions when central bank officials hold their final meeting of the year on Dec. 14-15.
