Fed: Economy grew modestly in late May and June

Fed: Economy grew modestly in late May and June

The U.S. economy picked up modestly in late May and June as the recovering housing market underpinned growth while the beleaguered manufacturing sector improved, the Federal Reserve said in a report Wednesday.
The Fed’s "beige book" painted a portrait that was generally similar to its previous edition, with activity expanding at a modest pace in most regions. The Minneapolis bank district recorded a moderate advance while activity in the Cleveland area was flat.

Surprisingly, the summary said that employment continued to grow modestly despite the 287,000 June job gains reported by the Labor Department last week. And it said consumer spending, which makes up 70% of economic activity, was “generally positive but with some signs of softening.” Government reports said consumption rose sharply in April and May, so a slowdown in the official data for June would raise concerns.

إبراهيم زكاغ

مدون وأحب القراءة وكل جديد التكنولوجيا والإنترنت . إنشاء فولفولي جاء من الرغبة في مشاركة تجربتي المتواضعة ولأكون مساهما ولو بالقليل في محتوى الإنترنت.

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