Fed’s Beige Book: ‘Mostly modest’ US economic growth

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WASHINGTON, D.C.: Most of the regions in the US economy were growing only modestly during the April-May period, with lackluster consumer spending, according to the Federal Reserve’s Beige Book survey on Wednesday (Thursday in Manila).

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But the report noted that the outlook in a number of areas was “generally optimistic,” and labor markets were tighter, a likely positive sign for future wage increases for workers.

The anecdotal survey of economic activity across the Fed’s 12 regions will help the Fed assess the strength of growth around the country as it weighs tightening monetary policy at its next meeting in two weeks.

For that, the newest Beige Book echoed recent hard data showing a pickup in growth from the sluggish first quarter during the April-to-mid-May period.

AFP

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