US growth still 'modest to moderate': Fed's Beige Book
WASHINGTON (AFP) - US economic growth has held firm at a "modest to moderate" pace since July, with activity steady or gaining in most sectors, the Federal Reserve's Beige Book review said Wednesday.
In a report likely to support a move soon toward lower stimulus spending by the Fed, most of its 12 regions reported that consumer spending, travel, manufacturing and demand for services had risen since the previous survey.
Job creation was also steady or improved, and inflation was under control around the country, the report said. "For most occupations and industries, hiring held steady or increased modestly relative to the prior reporting period," it said.
"Upward price pressures remained subdued, and prices increased slightly during the reporting period. Wage pressures continued to be modest overall." As a picture of steady growth, the survey could contribute to a decision by the Fed's policy board, the Federal Open Market Committee, to begin cutting back on its stimulus programme as early as its next meeting, on Sept 17-18.