WASHINGTON: The US economy stuck to its modest-to-moderate pace in recent months but companies complained that China's slowdown and the strong dollar were hurting business, a Federal Reserve report said Wednesday.
Most of the Fed's 12 districts also reported only slight or modest growth in hiring, though a handful said there were increasing wage pressures due to tighter labor market conditions, according to the Beige Book regional survey.
The Beige Book gave no sense of any significant pickup in growth in the weeks in July and August covered, but businesses were relatively optimistic of continued steady growth.
"Respondents in most sectors across districts expected growth to continue at its recent pace, but the Kansas City report cited more mixed expectations," it said.
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