Special Assignment-Econ 104
Max Musumeci
11/28/17
a. Economic activity increased moderately in October and mid-November across the 12
Federal Reserve Districts. Many districts highlighted growth in the transportation sector.
Loan demand is moderately stronger. All Districts reported that manufacturing activity
expanded during the reporting period, with most describing growth as moderate.
Employment growth has also increased with most districts characterizing growth as
modest to moderate. Reported tightness of the labor market, where the right employees
with the right skills have been hard to find, restricting hiring plans. Wage growth was
moderate in most districts, the most notable increases for professional, technical, and
production positions that remain difficult to fill. Price pressures have strengthened since
the last report.
b. In December, the Federal Open Market Committee (FOMC) raised the target for the
federal funds rate by ¼ percentage point to a range of 1/2 to 3/4 percent.