U.S. economic activity grew moderately in recent weeks, expectations varied across Federal Reserve districts, the Fed said in its Beige Book released Wednesday.
The beige book showed that economic activity increased at a slight to moderate pace for eleven of the twelve Federal Reserve Districts in late May and June, while one District reported no change. Most regions reported little to no change in employment.
It is predicted that the economy will continue to expand in the coming months, but several District reported elevated uncertainty in the outlook for fuel costs.
The survey said that the prices increased moderately overall, with nine Districts reporting moderate growth, two reporting robust growth, and one reporting slight growth.
Non-labor input costs climbed in multiple industries — including services, construction, and manufacturing — driven in part by higher spending on energy, transportation, and raw materials, it said.
The Beige Book noted that expectations for price growth over the coming months varied across Districts. Respondents in some Districts expected inflation to continue at its current pace, while respondents in others expected inflation to slow, in part due to falling fuel prices.
In terms of the labor market, seven out of twelve District experienced little to no change. A few Districts noted that firms had increased their usage of AI, either in the hiring and screening of potential employees or to boost worker productivity.
The Beige Book, a survey on economic conditions based on information collected from 12 regional reserve banks, is published eight times per year.
US economy registers moderate growth with mixed inflation expectations: Fed Beige Book
Chinese President Xi Jinping on Friday urged efforts to carry out search and rescue operations in a scientific manner after a landslide struck a county in southwest China’s Chongqing Municipality, leaving people trapped and missing.
The landslide occurred at 9:08 Friday in Hanjia Sub-district along a section of the Wujiang River in Pengshui Miao and Tujia Autonomous County, burying several residential buildings at the foot of the mountain. Ten people had been rescued as of 14:00, according to local authorities.
In his instructions, Xi stressed the need for scientific search and rescue operations to prevent secondary disasters, and called for proper medical treatment for the injured and appropriate arrangements for the aftermath. He also urged relevant departments to identify the cause of the disaster, draw lessons from this case and conduct thorough inspections to eliminate geological hazards. Xi emphasized that all regions and relevant departments must further fulfill their safety responsibilities, strengthen monitoring, early warning and risk inspection systems, and ensure that all work is carried out in a concrete and meticulous manner, so as to effectively protect the lives and property of the people.
The Ministry of Natural Resources on Friday raised its geological disaster emergency response to Level II from Level III and dispatched a working team to the site.
A four-tier emergency response system is in place for geological disasters, with Level I being the most severe.
Xi urges scientific search and rescue efforts after Chongqing landslide