WASHINGTON: Economic growth strengthened throughout the country with a broad pick-up in manufacturing, "brisk growth" at some shipping ports and steady consumer spending, the Federal Reserve said on Wednesday.
The central bank's Beige Book of anecdotal economic reports from around the country noted modest to moderate growth in all 12 Fed regions a positive change from the April document when some parts of the country were still struggling through severe winter weather.
The report, prepared by the New York Federal Reserve Bank with information collected on or before May 23, adds more evidence to what Fed officials have generally said they believe is a strengthening US economy.
"Consumer spending expanded across all Districts, to varying degrees," the report said. "Manufacturing activity expanded throughout the nation.
Activity expanded robustly in the Boston, New York, Atlanta and Kansas Districts."
Banks boosted lending activity; shippers said cargo volumes were increasing while business at ports in the Richmond and Atlanta districts "grew briskly."
The labor market also "generally improved," with the Kansas City district reporting that businesses were now having to compete for workers.
The Cleveland and Chicago districts are noting an upturn in demand for temporary workers and Atlanta noting a jump in the number of workers moving from temporary to permanent jobs.
Wage pressures remained "subdued," potential evidence that, as many Fed officials have argued, the labor force has room to grow before wage pressures take hold.
Inflation was "said to be contained, as most Districts reported that both input and finished goods prices were little changed," the Fed reported.
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