US firms battle higher inflation and worker shortages, shows Fed survey

Fed policymakers will weigh a faster timeline at their next meeting on Dec. 14-15

The US economy expanded at a modest-to-moderate pace in October and the first half of November while firms grappled with rising inflation and a scramble to fill jobs amid labor shortages, a survey conducted by the Federal Reserve showed on Wednesday.

"Prices rose at a moderate to robust pace, with price hikes widespread across sectors of the economy," the U.S. central bank said in its latest "Beige Book" report of the economy, which is compiled from anecdotal evidence derived from business contacts nationwide. "There were wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges, and labor market