Report: Beige Book Shows Economic Growth
Economic growth increased in all 12 Federal Reserve districts, a relatively upbeat Fed Beige Book showed on Wednesday.
CNBC reported that the pace of growth was described as “moderate” to “modest,” according to the release, which details economic projections from the central bank’s members.
Employment prospects “generally strengthened” across the country though some districts reported a shortage of skilled workers. Real estate conditions, meanwhile, were “mixed” even as home prices continued to rise, while “lack of inventory” was cited as one reason for slowness in sales.
The report also described price pressures as “subdued,” despite the latest figures from the Bureau of Labor Statistics showing broad-based price increases for food and produce, and gas prices that remain stubbornly high despite predictions they soon would decline.
Broadly speaking the report confirmed statements from Fed Chair Janet Yellen and other officials who have touted the pace of the post-recession economy.
“Consumer spending expanded across almost all districts, to varying degrees,” the report stated. “Non-auto retail sales grew at a moderate pace across most of the country.”
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