Beige Book: Economy Grows at Modest Rate
The economy is expanding at a modest to moderate pace, the Federal Reserve reported in its latest Beige Book.
CNBC reported that consumer spending is up in all the Fed districts, and manufacturing is expanding, the report said. All districts also reported job growth.
The report also showed that price pressures are contained generally. That said, higher prices were noted for meat, dairy and construction materials, and six Fed districts reported that those higher prices were being passed along. There was also modest wage pressure noted.
The Beige Book is a monthly report from the Fed on economic situations in each of the twelve Federal Reserve Districts.
The U.S. central bank said five of its 12 districts described the pace of growth as “moderate,” with the remaining districts viewing the expansion as “modest.”
“Most districts were optimistic about the outlook for growth,” the Fed said.
The report, compiled by the Federal Reserve Bank of Kansas City from data collected before July 7, fits in with employment, manufacturing and other data that have pointed to strong growth in the second quarter and buoyed the economy’s prospects for the remainder of this year.
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