Fed’s Beige Book Points to Modest Growth in US Economy, Prices
- Business contacts say consumers pushing back on higher prices
- Eight of 12 districts reported negligible to modest job gains
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The US economy expanded at a “slight or modest” pace across most regions since early April and consumers pushed back against higher prices, the Federal Reserve said in its Beige Book survey of regional business contacts.
“Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers,” according to the report released Wednesday. “Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks.”