Fed's Beige Book finds U.S. economy is expanding at a 'modest' pace
The outlook: Economic activity in the crucial non-financial service sector was either steady or improving across the country through the end of August, according to the “Beige Book” survey released by the Federal Reserve on Wednesday.
Reports on consumer spending was “mixed,” with auto sales continuing at a modest pace and “solid” tourism activity. Employment grew at a modest pace, with moderate upward wage growth. Price increases were modest. Businesses said that the impact of recent trade tariffs on Chinese products would not be felt for a few months on prices that consumers pay at the store.
• In New York, a major retailer said that had raised prices for furniture and other big-ticket items but that they were likely to reverse those hikes as consumers were not responding well.
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