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Fed Says Growth Downshifted Slightly July-Aug, Cites Delta

  • Majority of regional Feds said delta impacted activity
  • Hiring, supply disruptions remain a challenge across regions
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Fed Sees U.S. Economic Growth Downshifting to Moderate Pace
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U.S. economic growth downshifted slightly to a moderate pace in early July through August, the Federal Reserve said.

“The deceleration in economic activity was largely attributable to a pullback in dining out, travel, and tourism in most Districts, reflecting safety concerns due to the rise of the Delta variant,”  the U.S. central bank said in its Beige Book survey released Wednesday.