US Federal Reserve Beige Book rates nation's growth 'modest to moderate'
AFPWASHINGTON -- U.S. economic growth has held steady at a “modest to moderate” pace since July, with activity steady or gaining in most sectors, the Federal Reserve's Beige Book review said Wednesday.
September 6, 2013, 12:40 am TWN
The report said consumer spending, travel, manufacturing and demand for services had risen across most of the Fed 12 districts.
Job creation was also steady or better, and inflation under control.
“For most occupations and industries, hiring held steady or increased modestly relative to the prior reporting period,” it said.
“Upward price pressures remained subdued, and prices increased slightly during the reporting period. Wage pressures continued to be modest overall.”
Showing a steady, continuing improvement in the economy, the survey was likely to support a possible decision by the Fed's policy board, the Federal Open Market Committee, to begin cutting back on its stimulus program at its next meeting, on Sept. 17-18.