Businesses battle rising prices, says Fed’s beige book

The U.S. economy grew at a mild to modest pace this spring as businesses grappled with higher prices and labor shortages, the Federal Reserve said in a report.

“Retail contacts noted some slowdown as consumers faced higher prices, and residential real estate contacts noted weakness as buyers faced high prices and rising interest rates. rise,” the Fed said Wednesday in its periodic compilation of trade anecdotes from around the country, known as the Beige Book. The report contained details on the latest effects of high inflation and a tight labor market.


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