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17 Jul 2013
Fed's Beige Book: US economy expanded at a modest to moderate pace
FXstreet.com (Córdoba) - The US economy has continued to grow at a "modest to moderate" pace from late May to early July across Fed's 12 Districts, according to the Beige Book, which described economic growth in the same terms as the last one.
The Beige Book said manufacturing "expanded in most districts", while reported rising consumer spending, stable to growing services activity, and moderate to strong residential real estate and construction.
In terms of employment, the Beige Book noted that while hiring held steady or increased at a measured pace, there was a reluctance to add full-time workers.
Regarding prices, most Districts reported pressures remained stable or modest, while wage pressures "generally remained contained", although some Districts reported modest or moderate wage growth in some sectors.
The Beige Book survey, released two weeks before each policy meeting, is based on information gathered by officials at the Fed's 12 regional banks. Today's report was Prepared at the Federal Reserve Bank of St. Louis and based on information collected on or before July 8, 2013 and it will be used for discussions at the next policy meeting on Jul 30-31.
The Beige Book said manufacturing "expanded in most districts", while reported rising consumer spending, stable to growing services activity, and moderate to strong residential real estate and construction.
In terms of employment, the Beige Book noted that while hiring held steady or increased at a measured pace, there was a reluctance to add full-time workers.
Regarding prices, most Districts reported pressures remained stable or modest, while wage pressures "generally remained contained", although some Districts reported modest or moderate wage growth in some sectors.
The Beige Book survey, released two weeks before each policy meeting, is based on information gathered by officials at the Fed's 12 regional banks. Today's report was Prepared at the Federal Reserve Bank of St. Louis and based on information collected on or before July 8, 2013 and it will be used for discussions at the next policy meeting on Jul 30-31.