4 Sep 2013
Fed’s Beige Book: US grew at modest to moderate pace
FXstreet.com (Córdoba) - The US economy grew at a "modest to moderate" pace in July and August, the Federal Reserve reported Wednesday, which describes economic growth in the same terms as the last ones.
The Fed's so-called Beige Book reported consumer spending rose in most Districts, reflecting, in part, strong demand for automobiles and housing-related goods. Manufacturing activity “expanded modestly”, while residential real estate activity “increased moderately in most Districts”, the report says.
In terms of employment, the Beige Book noted that hiring held steady or increased modestly relative to the prior reporting period.
Regarding prices, most Districts reported price pressures were subdued, and price increases were limited, while wage pressures "pressures remained modest overall".
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 San Francisco and based on information collected on or before August 26, 2013 and it will be used for discussions at the next policy meeting on September 17-18.
The Fed's so-called Beige Book reported consumer spending rose in most Districts, reflecting, in part, strong demand for automobiles and housing-related goods. Manufacturing activity “expanded modestly”, while residential real estate activity “increased moderately in most Districts”, the report says.
In terms of employment, the Beige Book noted that hiring held steady or increased modestly relative to the prior reporting period.
Regarding prices, most Districts reported price pressures were subdued, and price increases were limited, while wage pressures "pressures remained modest overall".
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 San Francisco and based on information collected on or before August 26, 2013 and it will be used for discussions at the next policy meeting on September 17-18.