US$ and energy prices hold back US growth
Fed's Beige Book says improvements in labour market and consumer spending offset by weak manufacturing due to falling global demand
Washington
THE US economy continued to show mixed signals from late November to early January, with improvements in the labour market and consumer spending offset by the drag of a strong dollar and low energy prices, the Federal Reserve said on Wednesday.
US economic activity expanded in nine of the country's 12 districts, the Fed said in its Beige Book report of anecdotal information on business activity collected from contacts nationwide. The Boston Fed described economic activity as upbeat, while the New York and Kansas City districts described it as essentially flat. Most others described activity as modest.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’