(Reuters) – Economic growth in the United States picked up over the two prior months and hiring showed signs of a “modest increase,” the Federal Reserve said on Wednesday.
“Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from early April to late May,” the central bank said in its latest “Beige Book” summary of national activity.
The Fed’s previous Beige Book assessment of the economy, released on April 11, had painted growth in a more timid light, describing it as “modest to moderate.”
The Beige Book, prepared this time by the Dallas Fed based on information collected through May 25, has market interest because it is based on anecdotal reports from business people from coast to coast and will be used by Fed policymakers at their next meeting on June 19-20.
“Hiring was steady or showed a modest increase,” the Fed said, matching the language used in its previous assessment.
The Labor Department reported last week that hiring slowed in May for the fourth straight month, with just 69,000 people added to payrolls.
Read more here:
If you enjoy the content at iBankCoin, please follow us on Twitter
Thanks – I’m initiating short positions
Message to the bulls:
Never let facts stand in the way of your belief in rumors and wild speculation.
That being said, how much lag is there between the beige book being written and actually being published? Seeing as the QE rumor directly from a Fed member, and all this “twist still on the table,” came out yesterday.
That is an excellent question. I wondered myself.
However, bear in mind that Evans has been uber-dovish since…ever…
Oh, duh. It says prepared with information through May 25. This book is relatively recent.