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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.