The Fed's latest Beige Book report revealed that economic activity in the US changed little in April and May.
The U.S. economy showed little signs of recovery in April and May, according to the Fed's latest Beige Book report, based on anecdotal reports from business representatives in 12 regions.
The key points in the document are as follows:
- Economic activities changed little in April and May.
- Employment grew at a slower pace.
- Prices rose moderately during the reporting period, but the rate of increase slowed down in many regions.
- Contacts in the regions also stated that the labor market has cooled down a bit.
- Consumer spending continued to increase steadily in the last reporting period.
- Service sector activity declined modestly in the last reporting period.
- Conditions in the general financial sector continued to deteriorate in recent weeks at a pace similar to the previous reporting period. Small and medium-sized banks reported lower loan demand across all loan segments.
*Not investment advice.
