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Fed Strikes Slightly More Positive Note on U.S. Economy
The American economy continued to gradually expand from early April through May, thanks to gains in home construction and manufacturing, according to the Federal Reserve's Beige Book business survey.
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The American economy continued to gradually expand from early April through May, thanks to gains in home construction and manufacturing, according to the Federal Reserve's Beige Book business survey.
The Dallas Fed district describes its economic growth as strong. The central bank's other 11 regions report "modest to moderate" expansion. Autos, construction goods and the energy sector led the country's manufacturing increase, the report says. It adds that hiring has improved at a "measured pace" in some parts of the country.
The Fed notes that spending by the federal government and defense industry remains weak because of the U.S. budget deficit stalemate.
Economists are wondering if the central bank will soon begin winding down the $85 billion monthly bond-buying program it created to stimulate growth. The Fed indicated last month that it might do so if employment picks up. The bank's policymakers meet next on June 18-19.
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