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U.S. economy expands modestly in April, Fed survey shows

Xinhua, June 2, 2016 Adjust font size:

U.S. economy reported modest growth in April through mid-May, and the tight labor market is pushing up wage and price pressures, the latest survey result released by the Federal Reserve showed on Wednesday.

In the Fed's latest Beige Book which gauges its 12 districts' economy, most districts reported modest economic growth in April and mid-May, supported by growth in consumer spending and real estate activities.

The survey showed employment grew modestly since April, but tight labor markets were widely noted in most districts.

With the labor market tightening, wage and price pressures continue to build up, the survey showed. It found that wages and price pressure grew slightly since April.

Fed officials have said that they expect to raise interest rates in the coming months, if the economy continues to improve. The central bank's policy making Federal Open market Committee is to meet on June 14 to 15 to discuss whether to raise rate or not.

Another report released on Wednesday showed that the U.S. economy in the second quarter may rebound from the weak first quarter.

The manufacturing index, also known as the purchasing managers index (PMI), registered 51.3 in May, an increase of 0.5 point from April's reading of 50.8, the Institute for Supply Management (ISM) said in a report on Wednesday.

Most of the industries surveyed said their business conditions and demand remained stable or picked up, while oil-related industry continued to struggle due to low oil prices. Enditem