A new report issued by the Federal Reserve last week has highlighted how the US economy is growing, albeit a small growth.
Figures made available showed that retail as well as other service sectors improved. This was according to the Beige Book, which also showed that activity expanded during July and in early August across many sectors.
Speaking about the report, one expert said: "The latest Beige Book report provided additional evidence that economic growth remains weak. " It was, however, pointed out that "weak" in this instance still represents the highest level of growth since last year.
Hard data made available for the month of July was certainly at odds with the pessimistic tones that were coming from some quarters. For example, there were 163,000 non-farm jobs created in July, according to data from the Labor Department, while there was a 0.8% rise in retail sales, according to the Commerce Department.
Across most districts there was a report that employment was either rising or holding steady, while demand was strong for those involved with skilled manufacturing, engineering positions and IT services. Many areas were reporting that they were suffering a shortage of truck drivers, who were needed to fulfill demand.
Auto sales across most districts grew and there was an improvement in the real estate sector when it comes to home prices, home sales and housing construction. Energy and mining activity was high and rising.
Produced by the Boston Fed, the Beige Book also calls for more aggressive action from the Federal Reserve to allow the economy a chance to grow at a faster pace.
