US Economy Growing, Price Gains slight: Fed survey

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The US economy continues to expand nationwide with only slight upward price pressures despite reports of tightening labor markets and higher wages, the Federal Reserve's Beige Book survey said today. All but two of the 12 Fed districts reported at least a slight increase in economic activity, with only New York seeing no expansion at all, and six reporting "moderate" growth and four describing it as "modest." 

But the strong dollar is weighing on manufacturing in some districts. The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions. 

However, the manufacturing situation was mixed "with the strong dollar being cited as a headwind to more robust demand in a few Districts," the report said. In addition, vehicle sales fell in most regions, which some said "might be attributed to uncertainty surrounding the presidential election" that took place November 8.

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