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U.S. economy expanding at "modest to moderate" pace: Fed report
Number of visits：182
Date：2021-09-30
U.S. economy maintained a " modest to moderate" growth in June and early July, boosted by housing recovery and steady growth in consumption and manufacturing, U.S. Federal Reserve said on Wednesday.
Manufacturing expanded in most of the Fed's 12 districts, and many districts reported increases in new orders, shipments, or production, said the central bank in its latest survey report, also known as the Beige Book.
Most districts noted that overall consumer spending and auto sales increased, according to the report.
Housing sector has been a bright spot. Residential real estate and construction activity increased at a moderate to strong pace in all districts while commercial real estate and construction activity continued to improve across the districts, the report said.
"Banking conditions generally improved" and "hiring held steady or increased at a measured pace in most districts," said the Fed.
Investors usually seek clues from the Beige Book for the central bank's policy intentions. The focus now is when the Fed would begin to scale back its massive bond-purchasing program. Fed officials have said they wanted to see sustained improvement in the labor market and durable recovery of the overall economy.
The Beige Book is based on economic information supplied by the Fed's 12 regional banks and is released eight times a year to provide a snapshot of the local economy. It is updated two weeks before each of the Fed's policy-making meeting.
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