The US has seen an economic slowdown across all regions since January, according to the US Federal Reserve.<\/p>\n
The Central Bank’s so-called Beige Book report said housing, manufacturing and retail activity had all cooled since the turn of the year.<\/p>\n
The report also cited rising materials and energy prices, highlighting the challenge of inflation.<\/p>\n
The report is seen to indicate overall economic conditions and is viewed as a guide to the Fed’s next policy meeting.<\/p>\n
The Fed’s survey, based on information from its 12 regional banks, found service industries slowing in most of its districts, while manufacturing cooled in half of the regions surveyed.<\/p>\n
Overall residential property markets were weak, and retail spending was low, it added.<\/p>\n
Two-thirds of the 12 regions referred to “softening or weakening in the pace of business activity, while the others referred to subdued, slow or modest growth,” said the bank.<\/p>\n
“It looks pretty weak across the board,” said Robert Brusca, chief economist at Fact and Opinion Economics in New York.<\/p>\n
The report echoed earlier comments on Wednesday from US Treasury Secretary Henry Paulson who said the economy had slowed “appreciably”.<\/p>\n
Mr Paulson told a congressional committee problems in the housing market, higher energy prices and financial market turmoil had all contributed to the slowdown.<\/p>\n","protected":false},"excerpt":{"rendered":"
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