U.S. Economy Grew at Slight-to-Modest Pace in Early Fall, Says Fed
New York, NY, October 23, 2020-The U.S. economy grew at a slight-to-modest pace in the early fall, based on a Federal Reserve’s Beige Book report, says the Wall Street Journal.
“The report found that the recovery was proceeding on separate tracks, with the manufacturing, residential housing and banking industries reporting steady growth, while consumer spending and commercial real estate remained weak.
“For instance, home builders in the Dallas region said high demand had produced backlogs of work and raised prices. Workers and supplies-particularly appliances and windows-were in short supply.
“Companies said they were ‘generally optimistic or positive’ about the future but noted that there was still a lot of uncertainty in their outlook, in particular in regards to November’s election.”
The Beige Book report is a collection of anecdotes from business contacts around the country.