Fed’s Beige Book Shows Slower Activity Growth and Hiring in Peak Summer
- Economic growth was modest in July, August, contacts said
- Businesses renew expectations for slower wage growth
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Growth in the US economy and jobs market slowed in July and August, and many businesses expect wage increases to ease broadly in the near term, the Federal Reserve said in its Beige Book survey of regional business contacts.
“Contacts from most districts indicated economic growth was modest,” the Fed said Wednesday in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee.