The US Federal Reserve said reports from the twelve Federal Reserve Districts suggest economic activity increased in most regions of the country since the previous report.
The expansion was characterized as modest or moderate by the Boston, Philadelphia, Richmond, Atlanta, Minneapolis, Kansas City, Dallas, and San Francisco Districts. Chicago reported that economic growth had picked up, and New York and Philadelphia indicated that business activity had rebounded from weather-related slowdowns earlier in the year. The Cleveland and St. Louis Districts both reported a decline in economic activity, the central bank said in the latest Beige Book.
Consumer spending increased in most Districts, as weather conditions improved and foot traffic returned. Manufacturing improved in most Districts. Several Districts reported that the impact of winter weather was less severe than earlier this year. Recent reports on labor market conditions were mixed but generally positive.
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