The U.S. economy grew overall from mid-July to late August, the Federal Reserve said today. However, five of 12 Fed districts reported slowing growth as residential construction slackened and energy costs rose.
The Fed, in its Beige Book summary of economic conditions, said the Boston, New York, Philadelphia, Kansas City and Dallas districts reported declines in the rate of growth, but the remaining seven districts reported little change in their pace of activity since the last report, released on July 26.
The Fed said there were widespread price increases for energy, metals and other commodities, but these did not appear to be triggering more general consumer inflation.
“Widespread increases in the prices of energy and certain other commodities persisted since the last report, though most of these increases do not appear to have passed through to finished consumer goods,” the Fed said in its statement.
The report was based on data collected on or before August 28.
U.S. economy continues to grow, says Fed
Signs of slowing growth in 5 of 12 districts: Beige Book
- By: IE Staff
- September 6, 2006 September 6, 2006
- 13:20