US Fed's Beige Book sees 'moderate' economic expansion

Wednesday 03 September 2014 19.08
The US auto industry has seen particularly strong growth in recent weeks, according to the Federal Reserve
The US auto industry has seen particularly strong growth in recent weeks, according to the Federal Reserve

The US economy expanded at a "moderate" pace across much of the nation in recent weeks, with the auto industry showing strong growth and banking conditions improving, the Federal Reserve has said.

In its Beige Book report of anecdotal information on business activity collected from contacts across the nation, the central bank said six of its twelve districts reported economic growth as "moderate."

Labour market conditions, as measured by hiring trends, were reported to be relatively unchanged from generally modest rates in most districts, the Fed said.

But the country’s central bank said nearly all the districts reported difficulties finding certain types of skilled labour, citing information technology, truck drivers and construction workers as some of the occupations with shortfalls.

"Overall, price pressures remained largely unchanged," it added.

Since the last Beige Book in July, the Fed said most districts reported continued expansion in auto sales, with record high levels reported in the Philadelphia and Dallas districts.