US economy had a strong start in 2023, Fed’s Beige Book says via IrishTimesBiz
The Beige Book, which was compiled by the New York Fed, comes at the conclusion of Fed Chair Jerome Powell’s two-day testimony before Congress, in which he opened the door to the possibility of accelerating the pace of interest-rate hikes should economic data continue to come in strong while stressing that no decision on the March meeting has been made yet.
Firms across the country indicated persistent price pressures, though some were abating. Many districts also noted continued wage growth and that a lack of child care is still keeping workers out of the labour force. A few districts saw “moderate to strong” retail sales growth during a period that is usually slow, echoed by Powell in his congressional testimony. Retail sales and inflation data showed US consumers remained robust at the start of the year, bolstered by the ample availability of jobs.
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