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U.S. Economic Growth Modest In June And Early July, Says Finance Survey

The U.S. economy experienced modest growth in June

The U.S. economy experienced modest growth in June and early July, but this coincided with decelerating hiring and economic expansion in various regions of the nation, according to a finance survey conducted by the central bank.

The economic outlook that U.S. Federal Reserve Chairman Ben Bernanke gave in Congressional testimony were supported by the results of the Fed survey, according to The Associated Press.

The Beige Book survey that was released on Wednesday, July 18 indicated that three regions reported economic growth that was weaker during the period. These three regions included Cleveland, New York and Philadelphia.

Various market experts predicted that the economic news does not provide the U.S. Federal Reserve Bank with enough incentive to provide additional stimulus, the media outlet reports.

"While the report is not a positive one, we believe that it is still not enough to push the Fed over the edge into more quantitative easing at its next meeting in two weeks," Michael Dolega, an economist at TD Bank, told the news source.

The latest Beige Book report represented a shift from the prior finance survey, which stated that economic growth had either improved or maintained the same pace in 11 districts from mid-April through the month of May, according to the media outlet.