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Fed: U.S. Economic Growth “Modest to Moderate”
The American economy continued to expand slowly in most parts of the country in June and early July, according to the Federal Reserve's Beige Book business survey.
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The American economy continued to expand slowly in most parts of the country in June and early July, according to the Federal Reserve's Beige Book business survey.
The Fed's district banks say housing market reports were promising, and auto sales were strong, particularly for fuel-efficient models. But employment improved at a "tepid pace," and manufacturing slowed in several regions, according to the Beige Book.
Fed Chairman Ben Bernanke told a Congressional committee on Wednesday that job market progress may be "frustratingly slow." He notes that the housing market is gradually strengthening,
Central bank policymakers are scheduled to meet on July 31-Aug. 1 to consider whether further economic stimulus is needed.
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