U.S. Economic Activity Picked Up in Spring, Fed Beige Book Says

Businesses reported issues with supply constraints, worker shortages and higher prices

Prices rose more rapidly than earlier in the year, according to the Federal Reserve report.

Photo: Stefani Reynolds/Bloomberg News

The U.S. economy continued to pick up speed in the spring, as consumers, many of them newly vaccinated and flush with federal stimulus cash, returned to restaurants, hotels and retail stores, the Federal Reserve said Wednesday.

But businesses told the Fed that ongoing supply-chain disruptions香蕉视频苹果下载 and an acute labor shortage have made it difficult for them to meet demand and have caused them to raise prices.

, a collection of business anecdotes from around the county known as the Beige Book, said the economy grew at a moderate pace between early April and late May, “a somewhat faster rate than the prior reporting period.”

Manufacturers and home builders reported that materials and workers were in short supply. Companies also struggled with delivery delays, the report said. Car dealerships said sales were strong but inventories tight, partly due to the global chip shortage香蕉视频苹果下载. Transportation companies said they saw exceptionally strong demand.

Prices rose more rapidly than earlier in the year, the Fed said, as businesses passed on rising material and freight prices to consumers.

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