Fed Beige Book: Economy Sees Modest Growth, Prices Rise Moderately

BlockBeats News, March 6th, the Federal Reserve Beige Book showed that since mid-January, economic activity has seen "slight" growth, but consumer spending has declined. The report stated, "Overall, consumer spending has declined, with reports indicating strong demand for necessities but increased price sensitivity for discretionary items, especially among low-income shoppers." Meanwhile, prices have seen a "moderate increase," with some regions experiencing faster price increases than earlier. The Fed noted that some regions faced "severe weather conditions" that weakened demand in the leisure and hospitality sectors. (Golden Finance)