- CNTV English - CCTV News

Homepage > News > Biz >

U.S. economic activity slows pace in many districts: Fed

08-01-2011 08:36 BJT

WASHINGTON, July 27 (Xinhua) -- The U.S. Federal Reserve said on Wednesday that the nation's economic activity continued to grow, but the pace had moderated in many districts due to a sluggish housing market and businesses' cautious capital spending plans.

In its latest national economic performance survey, the central bank said that six districts near the Atlantic coast reported a slowdown in economic activity.

The survey, known as the Beige Book, was based on economic information supplied by the Fed's twelve regional banks and was released eight times each year to provide a snapshot of the local economy.

The report revealed that the Dallas district slowed to a moderate pace of growth, and the Minneapolis district reported political and weather-related disruptions that temporarily slowed growth, while the remaining four districts continued to grow modestly in June and early July.

The performance of 12 districts was poorer than the previous survey, as the previous report showed a slower growth rate for four districts, seven districts growing at a steady pace, and one district with faster growth.

Consumer spending increased overall, with modest growth of non- auto retail sales in a majority of districts, but price pressures from food, energy, cotton and other supplier inputs continued to squeeze retail margins, noted the report.

Activity among nonfinancial service sectors improved overall in most districts. The manufacturing outlook remained generally optimistic, but capital spending plans were more cautious, said the central bank.

Most residential real estate activity was little changed and remained weak, though construction and activity in the residential rental market continued to improve since the previous Beige Book, said the report.

Most districts observed modest hiring increases, but labor market conditions remained soft, said the Fed.

The U.S. unemployment rate edged up to 9.2 percent in June from 9.1 percent in May and nonfarm sector added only 18,000 new jobs last month.

Editor:Li Wanran |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program