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U.S. Economy Grows Modestly as Job Market Tightens, Fed Says
- Wages gain modestly, prices up slightly in Beige Book report
- Chicago, Kansas City see slower growth, New York activity flat
Will Fed's Beige Book Report Give Rate Hike Clues?
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The U.S. economy expanded at a modest pace across most of the country since mid-April, causing the labor market to tighten as employers continued adding jobs and nudging wages higher, a Federal Reserve report showed.
“Employment grew modestly since the last report, but tight labor markets were widely noted,” according to the Fed’s latest Beige Book, an economic survey published eight times a year. “Wages grew modestly, and price pressures grew slightly in most districts.”