Fed's Beige Book Says US Economic Growth Has Been Moderate At Best
The US economy grew moderately in July and August, according to the Federal Reserve's "beige book"—a summary of the country's economic conditions outlined by the Fed, and named for the color of its cover.
Though there was a slight boost in manufacturing activity, flat retail sales and unimpressive job growth in August has contributed to sluggish economic growth. Unfortunately, this was hardly a change from the Fed's previous report, USA Today reports.
During their Sept. 20-21 meeting, policymakers will further scrutinize the health of the economy, taking into account inflation rates and other economic indicators to determine whether the country can handle a rate hike this month—though most economists project the Fed will hold off further economic stimulation until after the presidential elections. [USAToday]