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Fed Says Economy Expanded at Modest Pace in May

Fed Building -- Front Lawn (Federal Reserve)

 (Reuters)

The Federal Reserve said in its anecdotal Beige Book report the U.S. economy expanded at a ‘moderate’ or ‘modest’ pace across its dozen districts in May, continuing a rebound from a harsh winter that suppressed activity. Hiring activity was ‘steady to stronger’ as compared to a previous report, while tight inventories pressured residential real estate markets in some areas.