Fed's Beige Book: "Upward wage pressures increased and were moderate on balance"

Fed's Beige Book "Prepared at the Federal Reserve Bank of San Francisco and based on information collected on or before August 29, 2016." Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest pace on balance during the reporting period of July through late August. Most Districts reported a "modest" or "moderate" pace of overall growth. However, Kansas City and New York reported no change in activity, and Philadelphia and Richmond noted that