WASHINGTON - U.S. employment grew only slowly in most areas of the country over the past two months amid overall economic growth that ranged from moderate to accelerating, the Federal Reserve said on Wednesday.
"Economic activity continued to expand in January and February," the Fed said in its anecdotal Beige Book summary of economic conditions across the nation. It said the 12 Federal Reserve Districts variously described growth as "moderate," "firm," "sound," and "showing signs of accelerating."
The growth in output, however, did not appear to be matched by much of a step up in hiring. "Employment has been growing slowly in most Federal Reserve Districts," the Fed said.
The report, drawing from the central bank's extensive network of business contacts, said consumer prices were mostly under wraps but industrial commodity prices were on the rise.
"Most Reserve Banks reported level of modestly increasing retail prices, but information received from manufacturers and other businesses indicates that commodity prices have moved up more noticeably," the Fed said.
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