The pace of economic growth is slowing in four of the 12 Federal Reserve regions, according to the central bank’s latest survey of economic conditions known as the Beige Book released on Wednesday.
The report is more cautious than the past few reports, reflecting the weak pace of growth in the first quarter that has continued into April and May.
The survey found some slowing in the Philadelphia, New York, Atlanta, and Chicago districts. Consumers had less money to spend in many regions because of higher prices for food and energy.
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