Economic activity in US rises slightly early this year: Fed

Overall activity in American economy increased slightly early this year, according to the US Federal Reserve.

"Six Districts reported little or no change in economic activity since the last report, while six indicated economic activity expanded at a modest pace," the Fed said Wednesday in its Beige Book, which reports current economic conditions in each of the 12 federal districts in the nation.

"On balance, supply chain disruptions continued to ease. Consumer spending generally held steady, though a few Districts reported moderate to strong growth in retail sales during what is typically a slow period," it added.

High inflation and higher interest rates continued to reduce consumers' income and purchasing power, while there was some concern about rising credit card debt, according to the Beige Book.

Travel and tourism activity remained "fairly strong" in most districts, while manufacturing activity stabilized after a period of contraction, it added.

Housing markets, on the other hand, remained "subdued, restrained by exceptionally low inventory," according to the Fed. "Commercial real estate activity was steady, with some growth in the industrial market but ongoing weakness in the office market."

Source: Anadolu Agency