The U.S. economy 'expanded modestly' in October and November, Beige Book finds
The outlook: The U.S. economy expanded “modestly” from October through mid-November and the outlook “generally remained positive,” according to the Federal Reserve’s latest findings.
The Beige Book is basically a summary of anecdotes collected by the central bank from business contacts across the country to get a sense of how the economy is performing.What happened: The Fed found evidence of a small pickup in the downtrodden manufacturing side of the economy, though overall conditions are still fairly weak. The dispute with China has hurt exports and made businesses reluctant to invest.
The economy can’t grow much faster than 2%, however, so long as the U.S. trade war with China remains on the front-burner. The dispute has hurt the world’s two largest economies and the negative effects have spread around the world.• “Sales expectations were optimistic for the holiday season and beyond,” the Boston Fed said based on information gleaned from retailers.
• “A food retailer said that while tariffs had increased costs, the company ‘cannot raise prices on a whim’ because of fierce competition,” the Cleveland Fed said.
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