US economic activity expanded slightly: Fed's Beige Book

By Ovunc Kutlu

ISTANBUL (AA) - Overall economic activity in the US expanded slightly since late February, the Federal Reserve said in a report released Wednesday.

"Ten out of twelve Districts experienced either slight or modest economic growth—up from eight in the previous report, while the other two reported no changes in activity," said the Fed's Beige Book, which gathers information on current economic conditions from the central bank's 12 districts across the nation.

"Consumer spending barely increased overall, but reports were quite mixed across Districts and spending categories. Several reports mentioned weakness in discretionary spending, as consumers’ price sensitivity remained elevated," it added.

The report said employment rose at a slight pace overall, while wages grew at a moderate pace in eight districts, with the remaining four noting only slight to modest wage increases.

"Disruptions in the Red Sea and the collapse of Baltimore’s Key Bridge caused some shipping delays but so far did not lead to widespread price increases," it noted.

The Fed said price increases were modest on average, running at about the same pace as in the last report.