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U.S. economy continues steady expansion with tightening labor market

Xinhua, March 2, 2017 Adjust font size:

U.S. economy continues slow but steady growth in January and the labor market continues to tightening, the latest survey result released by the Federal Reserve showed on Wednesday.

"Reports from all twelve Federal Reserve Districts indicated that the economy expanded at a modest to moderate pace from early January through mid-February," said the Fed in its latest Beige Book which gauges its 12 districts' economy.

The survey showed that businesses were generally optimistic about the near-term outlook but to a somewhat lesser degree than in the prior report.

According to the survey, consumer spending expanded modestly; manufacturing activity accelerated, and home construction and sales continued to expand modestly.

Labor markets remained tight in early 2017, with some districts noting widening labor shortages, while pricing pressures were little changed from the prior report, said the survey.

Some Fed officials said recently that the central bank is considering another interest rate hike "fairly soon", as the economy was close to maximum employment and two percent inflation target. Endite