Looming Inflation Slows Economy

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Economic growth is slowing in the northeastern United States but steady in most other parts of the country, the Federal Reserve said today, the New York times reports. In its beige book survey of the economic conditions of all 12 Federal Reserve districts, the central bank said today that five districts reported a deceleration in growth, while seven districts reported “little change.”


Nationwide, consumer spending rose slowly, the residential housing market weakened further and energy prices soared.


The report is the latest indication that the economy is headed into a period of slower and less widespread growth. Just a few months ago, the Federal Reserve was using words like “solid” and “strong” to describe activity it now says is largely “steady” but “slow.”


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