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1/15, 8:01 PM (Source: TeleTrader)
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Fed: Economy expands modestly in US

The United States economy expanded modestly in the last six weeks of 2019 and manufacturing was lower than other sectors as it remained "essentially flat," the Federal Reserve said in its Beige Book released on Wednesday. Two districts said their growth was above average, while three districts were below the average levels in economic activity.

Consumer spending increased at a modest to moderate pace and holiday sales were solid, the central bank added. Vehicle sales rose moderately.

Meanwhile, employment either showed a steady trend or rose modestly in a majority of Fed districts while input costs and prices grew at a modest pace in the six-week period. However, most districts also pointed out they are experiencing labor shortages which is diminishing a rise in jobs.

Breaking the News / VP