Economic activity in the United States continued to expand in June and early July, the Federal Reserve said Wednesday in a nationwide survey on economic situation.
Reports from the Fed's 12 regional banks indicated that the U.S. economy registered modest growth in the early summer, said the survey, or Beige Book, which is based on information supplied by the banks and collected before July 16.
"On balance, consumer spending rose at a modest pace, although a number of districts indicated that sales were mixed or below expectations," the survey said.
It said that employment increased further in most regions and in many sectors of the economy, and that manufacturing activity continued to expand during June and early July.
In most districts, residential construction and real estate activity continued to decline. But commercial construction and real estate markets were generally more active than during the previous reporting period.
Household lending declined in most regions, while commercial and industrial lending expanded at a modest pace.
On the inflation front, the survey said that prices at the retail level continued to increase at a moderate rate, while energy and natural resource activity remained at high levels.
"Almost every region said that oil and gasoline prices were either rising, high or an issue," it said.
The central bank releases the Beige Book eight times a year. Information from the survey will figure into discussions at the Fed's next policy-making meeting on August 7.
Source: Xinhua
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