Fed says US economic activity increased since May

By Ovunc Kutlu

ISTANBUL (AA) - The US Federal Reserve said overall economic activity increased slightly since late May, according to its Beige Book that gathers information on current economic conditions from the central bank's 12 districts across the nation.

"Five Districts reported slight or modest growth, five noted no change, and two reported slight and modest declines," said the Beige Book released Wednesday.

The Fed, however, said reports on consumer spending were mixed, while growth was generally observed in consumer services, but some retailers noted shifts away from discretionary spending.

Employment increased modestly in labor markets since late May, as most districts experienced some job growth, it noted.

Prices increased at a modest pace overall, but several districts noted some slowing in the pace of increase, while wages continued to rise but more moderately, it added.

The Fed skipped an interest rate increase on June 14 and kept its federal funds rate unchanged between the range of 5% - 5.25%.