2024-04-17 18:47:12
(New York) Economic activity in the United States continued at cruising speed, showing a “slight expansion” in March, a little more widespread than the month before, according to the Federal Reserve’s Beige Book, a report monthly economic published Wednesday.
Ten regions out of the dozen that make up the Federal Reserve System (Fed) experienced modest economic growth, more than in February when eight regions were growing.
The industrial regions of New York and Philadelphia saw their activity stagnate.
This report, which gleans on the ground economic data throughout the country, is the freshest health check established by the Fed before its next monetary meeting on 1is May.
It indicates that consumer spending has “barely increased” and that economic players “are cautiously optimistic” for the rest of the activity.
Employment remained generally positive, growing modestly in nine regions while stagnating in three others. Wages increased “at a moderate pace” in eight regions.
Price increases remained “modest” on average, comparable to what they were last month.
The report mentions the geopolitical risks around the Red Sea but also the collapse of the bridge at the port of Baltimore (north-east), destroyed at the end of March by a huge container ship, which can “cause delivery delays but which does not have so far not caused widespread price increases.”
The survey also indicates that companies are increasingly complaining of having difficulty passing cost increases onto customer prices.
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