(MENAFN- Kuwait News Agency (KUNA)) Â The U.S. economy increased at a "modest to moderate pace," the Federal Reserve said in its Beige Book here on Wednesday.
The Fed reported that "overall economic activity increased at a modest to moderate pace" across all Federal Reserve Districts since the previous report which was issued in April.
It indicated that the manufacturing sector expanded in most Districts since the previous Beige Book, while most Districts noted "slight to moderate gains" in consumer spending and a "moderate" increase in vehicle sales.
It added that "a wide variety of business services expanded, and transportation traffic increased for producer, consumer, and trade goods." The report showed that hiring increased at a "measured pace" in several Districts and wage pressures remained "contained overall, although several Districts reported a modest or moderate rise for selected occupations." "Districts reported level prices to mild price increases; some manufacturers raised prices and some increases for input prices were noted," the report noted
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