ST. LOUIS (July 14, 2016) — Reports from the 12 Federal Reserve districts suggest that the U.S. economy expanded at a modest pace between mid-May and the end of June 2016, according to the latest Beige Book.
Cleveland reported a steady level of economic activity, while activity in Minneapolis grew at a moderate pace, according to the document issued July 13 by the Federal Reserve Bank of St. Louis. All districts said they expect overall growth to remain modest, the document said.
Labor market conditions remained stable, with employment growing modestly since the previous report, according to the document, while wage pressures were modest to moderate and price pressures remained slight.
Price pressures were slight, but consumer spending, though generally strong, showed signs of softening, the Beige Book said. Manufacturing was mixed but generally improved across all districts, and both real estate activity and loan demand improved.
Agriculture generally improved, but natural resources and energy remained weak, the document said.
The Beige Book is issued every several weeks, and each Federal Reserve district takes turns in compiling the document. Each report summarizes comments received from businesses and other contacts outside the Federal Reserve, according to the agency.