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5 Jun 2013
Fed's Beige Book: US continues to grow at a modest to moderate pace
FXstreet.com (Córdoba) - The US economy has continued to grow at a "modest to moderate" pace from early April to late May, with Dallas as the only of the 12 Fed districts reporting "strong" economic growth.
The Beige Book said manufacturing "expanded in most districts", despite some data releases in the last few days have pointed to weakness in this sector.
Sequestration was only mentioned in cutbacks in defense spending in the Boston and Richmond districts. Atlanta reported that budget cuts had not hurt the hospitality industry.
In terms of employment, the Fed said hiring had increased at a "measured pace" in several Districts while some industries reported difficulties finding qualified workers.
Regarding prices, most Districts reported level prices to mild price increases, while wage pressures "remained contained" 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 based on information collected on or before May 24, 2013 by the Minneapolis Fed, and will be used for discussions at the next policy meeting on June 18-19.
The Beige Book said manufacturing "expanded in most districts", despite some data releases in the last few days have pointed to weakness in this sector.
Sequestration was only mentioned in cutbacks in defense spending in the Boston and Richmond districts. Atlanta reported that budget cuts had not hurt the hospitality industry.
In terms of employment, the Fed said hiring had increased at a "measured pace" in several Districts while some industries reported difficulties finding qualified workers.
Regarding prices, most Districts reported level prices to mild price increases, while wage pressures "remained contained" 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 based on information collected on or before May 24, 2013 by the Minneapolis Fed, and will be used for discussions at the next policy meeting on June 18-19.