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U.S. economy continues expanding, Fed survey

Xinhua, July 16, 2015 Adjust font size:

The U.S. economic activities in 12 surveyed districts expanded from mid-May through June, with low oil prices remaining a boost to consumption and rising dollar affecting exports, a survey by the Federal Reserve showed Wednesday.

In the Fed's latest Beige Book which gauges its 12 districts' economy, three reported "modest" growth, seven others cited moderate growth, and remaining two reported growth remained steady or improving.

The survey showed a strong dollar and slowdown in energy investment continue to affect the U.S. manufacturing sector and exports. Some districts noted the strong dollar was dampening export demand, and slowdowns in the oil and gas industry were also negatively affecting manufacturing orders.

However, with the support of low energy prices, consumer spending continued to improve across the country.

Employment continued to increase or were steady in various industries across districts since the previous reporting period, while downsizing in manufacturing and energy industries was reported in some districts.

Some of the headwinds restraining economic growth, including the negative effects of U.S. dollar appreciation on net imports and low energy prices on oil drilling industry investment, would diminish over time, the Fed chairwoman Janet Yellen said in her testimony to Congress on Wednesday.

She repeated that the central bank is on track to raise interest rate later this year, as most Fed officials expect the economy will continue to gain growth momentum over the reminder of this year. Endite