The U.S. economy grew at a slight to modest pace this spring as companies struggled with higher prices and labor shortages, the Federal Reserve said in a report.
“Retail contacts noted some softening as consumers faced higher prices, and residential real estate contacts observed weakness as buyers faced high prices and rising interest rates,” the Fed said on Wednesday in its periodic compilation of business anecdotes from around the country, known as the Beige Book. The report contained details about the latest effects of high inflation and the tight labor market.
