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Fed’s Beige Book shows ‘modest to moderate’ growth in U.S.

By Jeff Kearns and Joshua Zumbrun, Bloomberg

June 5, 2013 • Reprints

The economy expanded at a “modest to moderate” pace in 11 of 12 Federal Reserve districts, with broad-based gains ranging from business services to construction and manufacturing, the central bank said today.

“Hiring increased at a measured pace in several districts, with some contacts noting difficulty finding qualified workers,” the Fed said in its Beige Book business survey, which is based on reports from its regional banks. Growth in the Dallas Fed district was described as “strong.”

Fed officials will consider the report as they continue a debate on when to start curtailing the pace of bond purchases. Officials, who next meet June 18-19, are weighing whether gains in employment are substantial enough to warrant reduced stimulus, and how much the world’s largest economy is being held back by federal budget cuts.

“Most districts noted slight to moderate gains in consumer spending and a moderate increase in vehicle sales,” according to today’s report, which was compiled by the Minneapolis Fed.

Stocks and Treasury yields remained lower after the report. The yield on the benchmark 10-year Treasury note fell six basis points, or 0.06 percentage point, to 2.09% as of 2:29 p.m. in New York. Yields are down from a one-year high of 2.17% on May 28. The Standard & Poor’s 500 Index retreated 1.4% to 1,608.08.

Manufacturing increased across most regions as residential construction “was a boon” to suppliers, and four districts reported increased demand for lumber or wood products, the Fed report showed. The New York region reported “steady business activity” in manufacturing, and Boston firms said they’re “reasonably optimistic about the outlook.”

Autos, Tourism

Vehicle sales “generally increased” across the nation while tourism showed “signs of strength” in several areas, the Fed said today. Nonfinancial business activity increased amid rising demand for technology, architecture, accounting and legal services.

Government spending cuts were a drag on the economy in some districts. Defense contractors noted “weakening activity” in the Cleveland region, and a military supplier in Richmond’s district reported that orders were being canceled or delayed.

The previous Beige Book report, released April 17, said that “overall economic activity expanded at a moderate pace.” That report showed gains in manufacturing, housing and autos that offset weakness in defense-related industries in some regions.

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US Federal Reserve 8527bank 6455fed 3336financials 2975Standard & Poor 2008Congress 1894Economy 1513Texas 1372manufacturing 1315Federal Reserve 1207Department of Labor 1011retail sales 850Federal Open Market Committee 773Qe 751Ben S. Bernanke 751Ben S 613New Jersey 590Bloomberg Television 360policy makers 323Bernanke 308Louisiana 283QUANTITATIVE EASING 257James Bullard 190Federal Reserve Bank of New York 181New Mexico 139Wisconsin 120Dallas Fed 114William C. Dudley 106ADP Research Institute 85Eric Rosengren 64Target Corp. 54Minneapolis Fed 40law firms 21Beige book 20discount retailer 20Wells Fargo Advantage Funds 11legal services 11Brian Jacobsen 9John Mulligan 1transportation firms 1Dallas Fed 1

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