ST. LOUIS (July 19, 2013) — Economic growth continues at a modest to moderate pace throughout the U.S., according to the July 2013 "Beige Book" prepared at the Federal Reserve Bank of St. Louis.
Manufacturing expanded in most of the nation's 12 Federal Reserve districts, with many districts reporting increases in new orders, shipments or production, the document said. Consumer spending and auto sales increased during the period, as did transportation, tourism, banking, and both commercial and residential real estate.
Hiring held steady or increased slowly, with some districts reporting reluctance to hire either permanent or full-time workers, the paper said. Some districts reported modest to moderate wage growth in some sectors, and price pressures for inputs and final goods remained stable to modest, according to the report.