U.S. Business Activity Picks Up Due to Stronger Consumer Spending - Fed's Beige Book
By Gwynn Guilford
The U.S. economy "accelerated to a moderate pace" from February
to early April, as rising rates of Covid-19 vaccinations, business
reopenings and federal-stimulus funds boosted consumer spending
across the country, a Federal Reserve report said.
The Fed's periodic roundup of anecdotes from business sources,
known as the Beige Book, on Wednesday indicated that the U.S.
economy is increasingly firing on multiple cylinders.
Service-sector activity is reviving as more people venture out and
firms expand operations, releasing pent-up demand for dining,
travel, and other activities that had largely been on hold during
the pandemic. Manufacturing continued to grow swiftly as well, the
"Outlooks were more optimistic than in the previous report,
boosted in part by an acceleration in COVID-19 vaccinations," the
Fed report said.
The Fed said the economy grew in all 12 Fed regions. New York
expanded at a "strong pace for the first time in the pandemic,"
while the pickup in activity accelerated in Minneapolis, Dallas and
(END) Dow Jones Newswires
April 14, 2021 14:41 ET (18:41 GMT)
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