Fed: US Growth Solid, Yet Not Fast Enough to Accelerate Pay

The U.S. economy grew at a steady pace in late May and June and hiring was solid, yet the improvements weren’t enough to accelerate wage or price growth.

The Federal Reserve said Wednesday that the economy expanded in 10 of its 12 districts. It grew just slightly in St. Louis and Philadelphia. The anecdotal information in the Fed’s survey, known as the Beige Book, is used to supplement its economic data and will be considered when Fed officials next meet July 25-26.

The report suggests the economy is still largely healthy and hasn’t been disrupted by the four interest rate hikes the Fed has implemented in the last 18 months. Manufacturing output, consumer spending and home sales are solid in most of the country, though consumers reined in spending in Philadelphia and Atlanta. Auto sales weakened in half the districts, the Fed said, after sales reached a record high nationwide

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