Economics
Fed Beige Book Says Economy Improves, Growing at Modest Pace
- Outlook is ‘solidly positive but modest' across U.S.
- Tariffs cloud outlook as labor shortages limit job gains
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Economic activity grew at a “modest pace overall” from Aprilto mid-May, an improvement from the “slight-to-moderate pace”in the prior period, according to the central bank’s Beige Bookeconomic survey released Wednesday in Washington two weeks aheadof policy makers' next meeting.
The report is a generally positive -- though not uniformly so --signal ahead of crucial data Friday on employment in May. Arecent string of weak reports on retail sales, factory ordersand home purchases have indicated growth is slowing as PresidentDonald Trump's trade war with China weighs on businesses.