16 Oct 2013
Fed's Beige Book: Some Districts reported slower growth
FXstreet.com (Córdoba) - The US economy grew at a "modest to moderate" pace in September through early October, the Beige Book said Wednesday, which describes economic growth in the same terms as the last reports.
Eight Districts reported similar growth rates in economic activity as during the previous reporting period, while growth slowed some in 4 other Districts: Philadelphia, Richmond, Chicago and Kansas City.
Consumer spending rose in most Districts, reflecting once again, strong demand for vehicles, the Beige Book said. Manufacturing activity continued to expand modestly, while residential real estate activity improved.
The Beige Book noted that employment growth "remained modest" in September while most Districts reported continued upward wage pressure for skilled workers. Price pressures "remained limited" in September with most Districts reporting only slight increases in commodity prices and limited ability to pass through these increases to their customers.
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 Chicago and based on information collected on or before October, 2013 and it will be used for discussions at the next policy meeting on October 29-30.
Eight Districts reported similar growth rates in economic activity as during the previous reporting period, while growth slowed some in 4 other Districts: Philadelphia, Richmond, Chicago and Kansas City.
Consumer spending rose in most Districts, reflecting once again, strong demand for vehicles, the Beige Book said. Manufacturing activity continued to expand modestly, while residential real estate activity improved.
The Beige Book noted that employment growth "remained modest" in September while most Districts reported continued upward wage pressure for skilled workers. Price pressures "remained limited" in September with most Districts reporting only slight increases in commodity prices and limited ability to pass through these increases to their customers.
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 Chicago and based on information collected on or before October, 2013 and it will be used for discussions at the next policy meeting on October 29-30.