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US confirms modest economic recovery

US confirms modest economic recovery article image
The US economy has shown more concrete signs of a recovery, albeit a modest one, according to the latest US Federal Reserve Beige Book report, released yesterday. The report stated that the 12 Federal Reserve districts "indicated either stabilisation or modest improvements in many sectors since the last report, albeit often from depressed levels". Overall, gains outnumbered declines, "but virtually every reference to improvement was qualified as either small or scattered," according to the report. Problems sectors include commercial real estate, manufacturing and unstable job market conditions. The report's findings will be used in Federal Reserve's economic policy meeting in early November.

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