Fed's Beige Book on Economic Conditions: U.S. Economic Activity Increases Modestly, Outlook for Future Growth Generally Positive

The U.S. economy has grown at a moderate pace since earlier this year, while consumers have become more sensitive to rising prices, according to the Federal Reserve's brown book on economic conditions. Released Wednesday, the report said, "Overall, economic activity increased for the first time since early January, with eight districts reporting expected growth in economic activity, another three reporting no change, and one reporting weakness." According to the report, "Consumer spending, particularly on retail goods, has been declining in recent weeks. Businesses are finding it more difficult to pass on higher costs to customers, who are becoming more sensitive to price changes."