U.S. Fed Beige Book Shows Economic Growth and Expects Boom!

The United States Federal Reserve’s Beige Book showed on Wednesday that the U.S. economy grew at a moderate pace in April and May.

The report highlighted expansion compared with the corresponding period of last year, as consumer spending rose on the back of stimulus packages and the rollout of coronavirus vaccines, contributing as well to higher inflation.

Meanwhile, the manufacturing sector’s business activity improved despite notable supply chain disruptions, while employment showed stability signs despite some challenges in hiring low-wage workers.

The report indicated that recovery will likely lead to an economic boom, especially as more businesses reopen.