More Fed regions report slowdown: Beige Book - MarketWatch
Three of the 12 Federal Reserve district banks reported that growth
slowed in June and early July, according to the latest Federal Reserve
economic survey, up from only one region in May. The slowdown appeared
to be concentrated in the East Coast and mid-Atlantic regions, as the
New York, Philadelphia and Cleveland districts saw weaker activity. The
majority of Fed districts saw "modest to moderate" expansion, the
so-called Beige Book said. This is slower than the "moderate" growth
seen in the last survey released in May. There were positive reports on
housing markets from across the country. Factory production was said to
be expanding slowly, but there were widespread reports of a deceleration
in new orders. Wage pressure, a key ingredient of inflation, remained
modest. Hiring was seen as "tepid."
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