Prices rose more rapidly than earlier in the year, according to the Federal Reserve report.
Photo: Stefani Reynolds/Bloomberg News
The U.S. economy continued to pick up speed in the spring, as consumers, many of them newly vaccinated and flush with federal stimulus cash, returned to restaurants, hotels and retail stores, the Federal Reserve said Wednesday.
The Fed report, a collection of business anecdotes from around the county known as the Beige Book, said the economy grew at a moderate pace between early April and late May, “a somewhat faster rate than the prior reporting period.”
But businesses said they were hamstrung by supply-chain disruptions. Manufacturers and home builders reported that materials and labor were in short supply. Companies also struggled with delivery delays, the report said.
Prices rose more rapidly than earlier in the year, as business passed on rising input prices to consumers.
“Contacts anticipate facing cost increases and charging higher prices in coming months,” the report said.
Write to David Harrison at [email protected]
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
