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Fed Survey Shows Modest Growth With Tight Labor and Tame Prices

  • Firms mostly upbeat though optimism waned in some areas: Fed
  • Labor markets tightened further with shortages broadening
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Fed's Beige Book Survey Shows Economy Grew Modestly

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The U.S. economy continued to grow “modestly” or “moderately” in nearly all regions in recent weeks, though new signs appeared that optimism has waned in some districts, a Federal Reserve survey showed.

The central bank’s Beige Book economic report, based on anecdotal information collected by the 12 regional Fed banks through May 22, said several sectors from manufacturing to housing continued to expand slowly. Consumer spending softened, however, with many districts reporting little or no change in non-auto retail sales.