Fed’s Beige Book says economic growth dropped to ‘a moderate pace’

Financial progress slowed to a average tempo in early July by means of August, based on the most recent version of the Federal Reserve’s Beige E-book that was launched Wednesday. The central financial institution famous that security considerations tied to the delta variant of COVID-19 prompted a pullback in eating out and journey, which weigh on the better economic system. Provide shortages, together with restricted inventories of vehicles and houses for gross sales, additionally contributed to the economic system’s retreat from its stronger tempo of progress earlier this 12 months. On the identical time, companies reported to the Fed that they had been discovering it simpler to cross value will increase alongside to shoppers through increased costs. The central financial institution famous that inflation was “regular at an elevated tempo.”