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Economic Growth Speeds Up, While Prices Rise: The Fed

The Federal Reserve's latest analysis of U.S. economic conditions has found that the recovery kept gaining steam in recent weeks, despite higher costs and labor shortages. So reports Reuters.

The FedThe Fed’s Beige Book review of anecdotal accounts about the economy concluded that growth from early to late May was at a “somewhat faster rate,” buoyed by “increased vaccination rates and relaxed social distancing measures."

The Fed said that “it remained difficult for many firms to hire new workers, especially low-wage hourly workers, truck drivers, and skilled tradespeople,” noting, “Looking forward, contacts anticipate facing cost increases and charging higher prices in coming months.”

Read the full article from Reuters.

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