US seeing modest to moderate growth in most regions of the country, Fed's Beige Book shows

The U.S. is seeing modest to moderate growth in most regions of the country, the Federal Reserve's Beige Book showed Wednesday.

It cited the "strong dollar" as a "headwind," saying there was "mixed" demand for manufactured goods. It noted that employment "continued to expand," and the wage growth was "modest."

A majority of districts reported higher retail sales, especially for apparel and furniture. They noted a slight upward pressure on overall prices. Single family housing construction starts were higher in a majority of districts, and activity in non-residential real estate expanded in many districts, while new motor sales declined.

The Fed is expected to raise rates next month at the FOMC meeting for the first time since last December.

The Beige Book characterizes regional economic conditions and prospects across the 12 Federal Reserve Bank districts based upon a variety of information gathered from businesses and community organizations in each district.

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