US labor market remains tight, economy continues to grow, Fed says

The U.S. central bank's"Beige Book" report, a glimpse of the economy based on conversations with business contacts across all 12 of the Fed's districts, found economic activity grew at a slight-to-moderate pace in March and early April. A few districts reported some strengthening in economic growth.

Wages grew moderately in most districts for both skilled and unskilled workers, with only three reporting slight growth in workers' pay, the Fed said. Several Fed districts said flooding and severe weather in the Midwest was affecting agricultural production. The Kansas City Fed reported that recent blizzards and flooding could weigh on the farming sector in the coming months, as it had resulted in damaged infrastructure and losses of cattle and crops.

The Fed held interest rates steady at its last policy meeting in March, sticking with the"patient" approach adopted by policymakers in January, given little sign of rising inflation and the growing concerns about trade tensions and slowing global growth.

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