Fed says consumers driving rebound

The US Federal Reserve Board has released the latest version of what it calls the Beige Book. The report summarizes the views of economists, business leaders, and others. It says the US economy grew moderately since the last report in April, and the pace of growth is increasing.

It adds that consumers are driving the rebound. People across the US received thousands of dollars in stimulus money during the pandemic. They have started spending some of that money in stores and restaurants.

The report says an increasing number of people in the US are getting back to work. It notes that as more people get vaccinated, consumers are spending money on things like traveling and eating out.

The report mentions concerns in other areas, however. It says business owners are having a hard time finding enough workers and materials, and this is driving up labor costs and retail prices. It says the generous stimulus payments and lack of childcare options are keeping people at home.