Fed's Beige Book points to cooler economy, but maybe not cool enough to tame inflation

Hiring tapered off a bit in May and inflation increased at a slower pace, a Federal Reserve survey found, but the U.S. economy expanded again and suggested growth is unlikely to slow enough to ease stubbornly high price pressures.

The Fed’s regular survey of the economy, known as the Beige Book, indicated the U.S. is still in decent shape. The economy The U.S. appears to be expanding in the 1% to 2% range. Not great, but steady as she goes. That’s not a sign of an economy getting weaker. Spending on leisure and hospitality typically is the first to go when Americans tighten their belts.

Still, “the labor market continued to be strong, with contacts reporting difficulty finding workers across a wide range of skill levels and industries,” the Fed said.

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