US Fed "Economy Recovering Somewhat Quickly"

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. Federal Reserve (Fed) has assessed that the U.S. economy is recovering at a somewhat faster pace.

[Image source=Reuters Yonhap News]

In the Beige Book economic report released on the 2nd (local time), the Fed mentioned that the U.S. economy grew moderately between early April and late May, recovering at a somewhat faster pace than before.

The Beige Book reported that companies are facing difficulties due to supply chain disruptions, stating that manufacturers and home builders reported shortages of raw materials and labor. The report also noted that companies mentioned challenges caused by delivery delays.

Additionally, the Beige Book conveyed that companies are passing on the burden of inflation to consumers, causing prices to rise faster compared to the beginning of the year. The Beige Book also forecasted that inflation would continue as costs increase over the coming months.

The Beige Book is a report compiled and published by the Fed summarizing economic conditions in each region.

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