Fed Says U.S. Economy Continued to Expand Across Most Regions
The U.S. economy continued to expand from early October through mid-November with little inflation as retail sales, real estate markets and business service firms saw rising activity, a Federal Reserve survey showed.
The central bank’s Beige Book economic report, which was based on information collected on or before Nov. 18 by regional Fed banks, said “outlooks were mainly positive” with half of the 12 districts “expecting moderate growth.”“A tightening in labor market conditions was reported by seven districts, with modest employment growth on balance,” according to the Beige Book, released Wednesday in Washington. “Districts noted slight upward pressure on overall prices.”
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Back to Bloomberg U.S. central bankers next meet Dec. 13-14.
Futures traders have priced in a 100 percent probability of at least a quarter-point hike as the economy gets closer to the central bank’s mandate of full employment and stable prices.
The Beige Book is a collection of anecdotes and information about economic conditions gathered by the regional Fed banks in their districts. This Beige Book was written by the Federal Reserve Bank of Cleveland.
“As in the past four Beige Books, wage growth was characterized as generally modest,” the summary said. The strong dollar was cited as a “a headwind to more robust demand” for manufactured goods in a few districts.
Related content: Business Insider Nov 30, 2016