The US Fed Said The Economy Grew Moderately In May And Early June
The Federal Reserve’s Beige Book indicated that the US economic activities continued to improve since the last report but at a moderate pace. Nonetheless, it was the first time since October 2007 the Beige Book showed all 12 Fed regions reporting an expanding economy. It was a turnaround from the October and December 2008 reports, which showed contraction in all of the districts. Consumer spending and tourism activity generally increased and it continued to be concentrated in necessities as opposed to discretionary big-ticket items. Business spending also rose, with employment and capital spending edging up but inventory investment slowing. Nonfinancial services, manufacturing, and transportation sectors continued to gradually improve during the period. Residential real estate activity buoyed by the April deadline for the homebuyer tax credit but commercial real estate remained weak.
The World Economy... - 10/6/2010
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