U.S. Federal Reserve Chairman Jerome Powell testifies before the U.S. Congress in Washington on March 6. Xinhua News Agency (photo by Aaron).
Washington, March 6 (Xinhua) -- The US Federal Reserve Board released a national economic survey report on March 6 showing that the US economy has grown slightly since the beginning of January, and inflationary pressures are still widespread.
The report, also known as the Beige Book, is based on the latest findings from the Federal Reserve's 12 regional reserve banks. The report shows that since the last Beige Book was released in January, eight of the Fed's jurisdictions have seen slow economic growth, but economic activity has slowed in the Philadelphia jurisdiction. At the same time, consumer spending fell slightly, and household consumption continued to decline. However, demand for residential property has risen due to a slowdown in mortgage rates**.
U.S. Federal Reserve Chairman Jerome Powell testifies before the U.S. Congress in Washington on March 6. Xinhua News Agency (photo by Aaron).
In terms of inflation, price pressures are still widespread in all jurisdictions, and only a few jurisdictions have eased the inflation situation to a certain extent. As consumers become more sensitive to change, it is more difficult for companies to pass on high costs.
The Beige Book also shows that overall employment levels have risen modestly in most jurisdictions and tight labor markets have eased further, but companies still struggle to attract highly skilled talent, such as engineers or skilled workers. At the same time, employee pay levels continued**, with only a few jurisdictions seeing a slowdown in wage increases.
U.S. Federal Reserve Chairman Jerome Powell testifies before the U.S. Congress in Washington on March 6. Xinhua News Agency (photo by Aaron).
The Federal Reserve publishes the "Beige Book" eight times a year to map the economic situation in the United States through regional reserve banks. The report is an important reference for the Federal Reserve's monetary policy meeting. The next Fed monetary policy meeting will be held on March 19-20.