US Fed Says Economic Recovery Modest, Uneven

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Last updated at: (Beijing Time) Thursday, June 13, 2002

US Fed Says Economic Recovery Modest, Uneven

The economic recovery in the United States was at a modest pace in late April and May although improvements were spotty, the U.S. Federal Reserve (Fed) said on Wednesday.

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The economic recovery in the United States was at a modest pace in late April and May although improvements were spotty, the U.S. Federal Reserve (Fed) said on Wednesday.

"The tone was one of modest but uneven growth, with some major sectors showing signs of improvement while others softened or remained weak," the Fed said in a survey.

The Fed said that manufacturers reported higher production levels, shipments and orders, but there were pockets of weakness. Manufacturers in Philadelphia, Atlanta, Dallas and San Francisco said demand for telecommunications equipment remained weak.

Retail sales were flat in most districts, hampered by unusuallycool weather in some parts of the country. Automobile sales were mixed.

The Fed report also said that price pressures were in check formost goods and services. But business contacts reported rising steel prices and continued increases in energy and insurance costs.

The jobs market, meanwhile, was sluggish, though some districtsreported higher demand for temporary workers, an encouraging sign for future job growth.

The Fed survey is based on information collected before June 3 from the Fed's 12 regional bank districts. It will be used by Fed policy-makers when they meet June 25-26 to discuss interest rate policy.

Most economists predicted that the U.S. Fed will leave short-term interest rates unchanged through the summer.

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