The overall U.S. economy continued to grow at a "moderate" pace over the Spring, but activity slowed in the Philadelphia region, according to anecdotal information gathered by the Federal Reserve.
"Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from early April to late May," the Fed said Wednesday in its latest Beige Book.
The jobs market showed signs of a "modest increase" in hiring, reflecting a disappointing May jobs report that raised concerns the broader economic recovery has fizzled out.
Federal Reserve Bank of Atlanta President Dennis Lockhart acknowledged the economy could require additional stimulus unless the jobs market picks up.
"Should it become clear that something resembling my baseline scenario of continued, though modest, growth is no longer realistic, further monetary actions to support the recovery will certainly need to be considered," Lockhart said in Florida.
The next Federal Reserve meeting is set for June 19-20. Most analysts expect the Fed to hold steady but signal that a third round of quantitative easing is being carefully considered.
by RTT Staff Writer
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