Economic activity in the United States maintained its growing pace with a “slight expansion” in March, the Federal Reserve (Fed, central bank) in its monthly economic situation report, known as the “Beige Book.”
“Overall economic activity expanded slightly, overall”the Fed said in its summary of the state of the US economy.
Ten of the 12 regional districts that make up the System of the Federal Reserve recorded “slight or modest economic growth”, two more than in February, according to the report.
“The economic outlook among contacts was cautiously optimistic, overall”the Fed added.
The US economy has remained surprisingly resilient in the face of high interest rates.
The Fed has attempted to limit consumer demand through restrictive monetary policy in an attempt to curb inflation to its long-term goal of 2%.
After growing at 2.5% last year, the Atlanta Fed’s benchmark estimates that U.S. economic growth will continue at an annual pace of 2.9% in the first quarter.
The US labor market, which also resisted high interest rates well, “increased at a slight pace overall”, according to the Central Bank report.
Prices in many regions experienced increases “modest“, “more or less at the same pace as in the last report“, complete.
Source: Gestion
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