Fed report: US economy growing gradually
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E-mail CNTV, August 30, 2012
The US economy is growing slowly amid slight improvements in retail sales and the depressed housing market. Hiring is holding steady. This according to the Federal Reserve in the so-called Beige Book - a key report on current regional economic conditions.
The report says retail sales strengthened in July compared with a soft May and June - particularly at discount stores and online. By contrast, the pace of auto sales slowed, but the Fed noted that it remained significantly above a year ago.
It also reported that all 12 of the Fed's districts cited increases in home sales, home prices, or housing construction in July and early August. The report will be used by the Federal Open Market Committee at its September 12-13 meeting as it reviews monetary policy.
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