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U.S. economy expands at modest pace in June

Staff Writer |
U.S. economic activity continued to expand at a modest pace from mid-May through the end of June, with modest growth in employment and slight price pressures, showed a survey by the Federal Reserve.

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"The outlook was generally positive across broad segments of the economy including retail sales, manufacturing, and real estate," said the Fed in its latest Beige Book which gauges its 12 districts' economy. The survey showed that districts expected overall growth to remain modest.

Labor market conditions remained stable as employment continued to grow modestly since mid-May, said the survey report.

With stable labor market, wage pressures remained modest to moderate across the districts. Price pressures remained slight.

Overall consumer spending was positive but with signs of softening, said the report. Most districts were predominantly optimistic about the outlook for consumer spending activity.

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