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U.S. economy picks up in all regions: Fed survey

English.news.cn   2014-07-17 07:32:54

WASHINGTON, July 16 (Xinhua) -- The U.S. economic activities picked up in all regions of the country in recent weeks, with consumer spending gaining strength, a survey by the Federal Reserve showed Wednesday.

In the Fed's latest Beige Book which gauges its 12 regions' economy in June and early July, five districts showed "moderate" expansion and other seven districts reported "modest" expansion.

Only two districts, Boston and Richmond, noted "a slightly slower pace of growth" than the previous reporting period, and most districts were "optimistic" about the outlook for growth, the survey showed.

While housing recovery was mixed across the country, consumer spending, manufacturing and tourism activities showed improvement in all 12 districts.

The latest report confirmed the Fed's view that the U.S. economy is on track to bounce back in the second quarter after a weather-related contraction earlier in the year.

The Fed releases the Beige Book eight times a year to provide a snapshot of the local economy and updates it two weeks before each of its monetary policy meeting. The Fed's policymakers will meet on July 29-30 to decide whether to continue scaling back its asset purchases as the economic recovery is on an increasingly solid footing.

The central bank has stuck to its plan to trim its asset purchase program by 10 billion U.S. dollars every policy meeting this year, and is on track to end the program in October if the U. S. economy progresses as expected, according to the minutes of the Fed's June monetary policy meeting released last week.

Fed Chair Janet Yellen said Tuesday that it would require a " very significant change" in the economic outlook between now and October to alter this strategy.

If "we lost confidence that the labor market will improve for some reason or that inflation would move back to 2 percent, we would have to rethink that plan," she said, setting a high bar for changing course.

Editor: Fu Peng
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