Mediafax (Mediafax)
Macroeconomics  |  September 08, 2010 20:41:01

Beige Book: The pace of economic growth in U.S. slows


Mediafax

NEW YORK (MEDIAFAX) - The pace of economic growth in U.S. slows, says Beige Book. Informed about news in the middle of the U.S. central bank (Fed).

"The data from 12 U.S. regions suggest that the economy has continued since mid-July to late August in its growth, but this growth is weaker than in previous seasons," said U.S. Federal Reserve Beige Book September issue.

According to the Fed's growth rate has increased only in the Boston and Cleveland, to mitigate the economic expansion has occurred in five areas - Saint Louis, Minneapolis, Kansas City, Dallas and San Francisco. The remaining five areas - New York, Philadelphia, Richmond, Atlanta and Chicago - showed mixed or weaker data.

The central bank however said that consumer spending, the pillar of the U.S. economy in the period grew more despite caution consumers. Most regions reported that expenditure net of car sales have increased as against the previous period and compared to the same month last year.

The financial activity, especially lending, compared with the previous period rather flat or even slightly weakened, says Beige Book. Activity was particularly weak banks in providing new mortgages.

The rate of inflation pressures remained suppressed in most regions, except for food and industrial materials, which slightly more expensive.

Beige Book is a document in which the twelve regional branches of Central Bank assesses the economic development in their area.Instead of hard data, however, are used such as interviews with influential personalities and tycoons of the region and other soft data.

Major U.S. stock indexes after the publication of the Beige book turned in profits.

Another issue Beige Book will be published 20th October.

Vojtech Kristen, kristen@mediafax.cz

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