China News Agency, New York, March 2 (Reporter Wang Fan) The National Economic Situation Survey released by the Federal Reserve Board on the 2nd showed that economic activities across the United States expanded at a moderate to moderate pace from mid-January to mid-February. , consumer spending was generally weaker than the previous period, and the uncertainty of the economic outlook increased.
The report, known as the Fed's Beige Book, showed that 10 of the Fed's 12 jurisdictions used the phrase "moderate" or "moderate" growth to describe economic activity during the current data collection period, while the New York jurisdiction said Economic growth stalled, and the St. Louis prefecture said economic conditions were unchanged from prior periods.
Companies in many Fed jurisdictions are facing high levels of employee absenteeism due to the COVID-19 pandemic, which has temporarily disrupted business activity, the report said. impact on economic activity.
The above factors contributed to the overall weaker consumer spending in this reporting period compared to previous periods.
All 12 Fed jurisdictions noted that supply chain and low inventory issues continue to dampen economic growth, with a particularly pronounced impact on the construction industry, the report said.
Demand for residential real estate remained strong across the country, but residential sales in many jurisdictions were unchanged.
While jurisdictions remain optimistic about economic growth over the next six months, uncertainty about the economic outlook is growing.
During the reporting period, consumer price levels rose at a strong rate across the country, with some jurisdictions reporting an acceleration in price increases.
The increase in the input cost of enterprises is considered to be the main reason for the increase in prices, of which the increase in transportation costs is particularly significant.
Rising labor costs and ongoing material shortages also contributed to higher input costs.
Businesses report that they are passing more of their prices on to consumers, so further price increases are expected in the future.
The report also said employment was growing at a moderate to moderate pace across the U.S.
While there are signs of improvement in labor supply in some jurisdictions, broad and strong demand for workers remains hampered by equally widespread worker shortages.
The tight labor market is expected to drive strong wage growth.
The Federal Reserve releases the Beige Book 8 times a year, and uses the Federal Reserve Banks of 12 jurisdictions to conduct a thorough survey of the economic situation in the United States.
The Beige Book was compiled by the Federal Reserve Bank of St. Louis, and the deadline for data collection is February 18 this year.
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