Growth remains generally tepid, though real estate showed improvement and some areas are actually seeing labor shortages, according to the Federal Reserve’s latest survey of economic conditions.
Activity expanded at a “modest” to “moderate” pace over the past few months, the Fed said in its Beige Book report Wednesday.
The report comes as the economy struggles to gain solid footing and Fed contemplates tightening monetary policy. Gross domestic product contracted 0.7 percent in the first quarter, and the Atlanta Fed branch is tracking growth at 1.1 percent in the second, though that number has trended higher in recent days amid some supportive data.
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