Fed Survey: US economy has grown at a slight pace since the beginning of April

The Federal Reserve Board (US Central Bank) reported in its “Beige Book” survey that the US economy has grown at a slight or modest pace since the beginning of April, pointing to consumer resistance to rising prices.

The survey showed that retail spending was flat or slightly up, reflecting lower discretionary spending.

The Federal Reserve indicated in the survey that general expectations have become somewhat more pessimistic amid increasing uncertainty.

Employment rose slightly, with 8 of 12 regions recording negligible or modest job increases.

The US Central Bank’s survey showed that economic activity continued to expand from early April until mid-May, but companies became more pessimistic about the future while inflation increased at a modest pace.