Federal Reserve Survey Shows Economy Grows At Faster Rate | Economic news
By MARTIN CRUTSINGER, AP Economic Editor
WASHINGTON (AP) – The US economy grew at a somewhat faster pace in April and May despite disruptions that choked supplies to the nation’s manufacturers, the Federal Reserve reported on Wednesday.
In the Fed’s latest survey of economic conditions in the country, several central bank districts reported increased vaccination rates and relaxed social distancing measures were having a positive impact on the economy. But those gains were offset by economic headwinds stemming from supply chain issues.
The Fed’s report, known as the Beige Book, is based on surveys conducted by the Fed’s 12 regional banks from early April to late May. The information will form the basis of discussion when Fed policymakers meet on June 15-16 to decide on future interest rate developments.
Most analysts believe that, based on comments from Fed Chairman Jerome Powell and other Fed officials, the central bank will leave rates where they were for a year at a record low of 0% to 0. , 25% as the central bank continues to promote a strong rebound from the recession triggered by the pandemic.
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