By IANS/EFE,
Washington : The rate of economic growth in the US continues to be “slow to moderate” in all but one of the 12 Federal Reserve Districts, the central bank said Wednesday in the latest edition of its Beige Book report.
The exception was the St. Louis district, which “reported a decline in economic activity”, the Fed said.
The Beige Book, a periodic appraisal of economic conditions based on anecdotal information from the Fed’s 12 regional banks, found that consumer spending increased moderately during the past two months.
“Motor vehicle sales increased in a number of Districts, and tourism showed signs of strength,” the publication added.
Business activity in the service sector reached higher levels than were noted in the previous report and manufacturing activity expended at a constant rate in most of the country.
The Fed also verified that the number of bank loans had increased and home refinancing had expanded even more.
The construction sector registered a slight increase in single family homes and slow growth in the construction of commercial properties.
The majority of the districts reported more favourable conditions for agriculture, energy production and mining than in the previous report.
Hiring was moderate, in general, although “some firms with open positions reported difficulty finding qualified applicants”.
According to the Fed, salaries remained stable in all districts, although prices rose moderately.
The overall evaluation of the situation is almost identical to the earlier report released in mid-October, which describes economic growth as moderate or slight.