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Much of US sees 'faster growth' | Much of US sees 'faster growth' |
(about 3 hours later) | |
Many parts of the US saw economic growth increase in April and May, despite the fallout of problems within the housing industry, a report says. | Many parts of the US saw economic growth increase in April and May, despite the fallout of problems within the housing industry, a report says. |
The Federal Reserve's Beige Book showed that some areas of the country reported growth "somewhat faster" than that seen in recent months. | The Federal Reserve's Beige Book showed that some areas of the country reported growth "somewhat faster" than that seen in recent months. |
Analsysts said this may ease fears of rising inflation. | |
The report is seen as an indicator of economic conditions, with 12 of the Fed's regional banks reporting. | The report is seen as an indicator of economic conditions, with 12 of the Fed's regional banks reporting. |
Overall wage pressures had not increased, it added. | Overall wage pressures had not increased, it added. |
The report appears to back the Fed's prediction that the US economy, which has struggled in recent months, would pick up in the second half of the year. | The report appears to back the Fed's prediction that the US economy, which has struggled in recent months, would pick up in the second half of the year. |
Most districts reported housing markets were weak, with no area saying that there had been an increase in home-building. | Most districts reported housing markets were weak, with no area saying that there had been an increase in home-building. |
But while weakness in the residential property market and construction continued, the commercial property sector was growing, the Fed said. | But while weakness in the residential property market and construction continued, the commercial property sector was growing, the Fed said. |
As expected, the Fed said that there had been "significant" price increases for energy-related products - driven largely by the price of petrol at the pump. | As expected, the Fed said that there had been "significant" price increases for energy-related products - driven largely by the price of petrol at the pump. |
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