US growing modestly, signs of inflation subdued: Fed
Central bank said to be close to its dual goals of bringing unemployment as low as possible, inflation of 2 per cent
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Washington
THE economy grew at a modest to moderate pace across the United States, further tightening the labour market but without significant acceleration in wages or inflation, a Federal Reserve survey showed.
The central bank's Beige Book economic report, based on information collected by regional Fed banks from early January through Feb 17, said employment grew moderately while some districts reported "widening labour shortages", another sign the economy was at or near what economists consider full employment.
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