Moderate Economic Growth Seen in Minneapolis Fed District
Minneapolis, MN (KROC-AM News) - The new Beige Book report from the Federal Reserve describes economic growth in Minnesota and the other states administered by the Fed Bank in Minneapolis as moderate.
It notes growth in consumer spending, tourism, construction, real estate, manufacturing, and professional services. In its discussion of construction activity, the Beige Book report noted that the number of new single-family home permits issued in Rochester during April and May for the highest since the start of the Great Recession.
The report found employment grew modestly over the past six weeks, while wage pressures were moderate and price pressures were modest.
The report covers Minnesota, the Dakotas, Montana,and northern portions of Wisconsin and Michigan.