Fed says U.S. economy grew at a moderate pace in June

“ The overall outlook is positive across economic sectors, including retail sales, manufacturing and real estate,” the Fed said in its latest Beige Book, which gauged economic conditions in its 12 districts. The survey showed that districts on balance expected growth to continue at a modest pace. Labor market conditions firmed, with employment expanding at a modest to moderate pace since mid-May, the report said. With labor markets tightening, wage pressures remained modest to moderate across districts. Price pressures remained low. Consumer spending was generally positive but showed some signs of softening, the report said. Most districts characterized the outlook for consumer spending activity as optimistic. The Fed opted to leave interest rates unchanged at its June policy meeting amid uncertainty in financial markets and Britain's referendum on whether to leave the European Union. Some Fed officials, including Fed Governor Daniel Tarullo, have recently called for patience on raising interest rates given the low inflation environment and Brexit uncertainty.