Fed’s Beige Book Shows Slight Economic Growth, Cooling Inflation
- Nearly half of districts reported flat or declining activity
- Price gains modest as consumers buy essentials, trade down
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The US economy grew at a slight pace heading into the third quarter, with a number of regions noting flat or declining activity, the Federal Reserve said in its Beige Book survey of regional business contacts.
Employment also increased only slightly, according to the report Wednesday. Labor turnover declined, and contacts in several districts expect to be more selective about who they hire and not backfill all open positions.