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Fed Says U.S. Growth Continues Though Consumer Spending Mixed
- Beige Book: Expansion pace ‘split between modest and moderate’
- Wage gains broaden while prices rise modestly, report says
Fed Beige Book Survey Shows Economy Continued to Grow
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The economy continued to grow across the U.S. at a modest-to-moderate pace in recent weeks as a tight labor market helped broaden wage gains, though consumer spending was mixed, a Federal Reserve survey showed Wednesday.
The central bank’s Beige Book economic report, based on anecdotal information collected by regional Fed banks covering mid-February through the end of March, showed that household purchases outside of automobiles were softer even as Americans were gaining more wherewithal for future spending.