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Fed's Beige Book: US economy continues its modest expansion

FXStreet (Córdoba) - The US economy continued to expand at a modest pace during the reporting period from mid-August through early October, according to the Beige Book survey.while the pace of growth is said to have slowed in two Districts, as stronger dollar was restraining manufacturing activity as well as tourism spending.

"Manufacturing turned in a mixed but generally weaker performance during the latest reporting period, with a number of districts noting adverse effects from the energy sector", the Fed said.

Meanwhile, labor markets tightened in most Districts, with some reports of labor shortages, particularly for skilled workers. Wage growth was mostly subdued, and prices for inputs and finished goods remained fairly stable across the nation, though some Districts report declines for energy, as well as other inputs.

October’s Beige Book was prepared at the Federal Reserve Bank of New York and based on information collected on or before October 5, 2015. It will be used for assessment in the FOMC Oct 27-28 meeting.

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