Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters.
The beige book said U.S. economic growth continues at a moderate pace, with a pick-up in residential construction.
The economy is only growing at a moderate pace, so that additional drag would be "significant, " he said.
Moreover, if the economy grows at a moderate pace for a time, as seems most likely, pressures on resource utilization should ease.
Information received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months.
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Measures of labor compensation, though still growing at a moderate pace, have shown some signs of acceleration over the past year, likely in part the result of tight labor market conditions.
Despite the recent weak readings, we expect business investment in equipment and software to grow at a moderate pace this year, supported by high rates of profitability, strong business balance sheets, relatively low interest rates and credit spreads, and continued expansion of output and sales.
The Manufacturers Alliance for Productivity and Innovation (MAPI), said its December index points to continued expansion, though at a more moderate pace.
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Levels of new business increased at just a moderate pace in March, and slower than the rate of expansion recorded across the UK as a whole.
Those industries that serve mostly consumers, such as apparel, food processing and furniture, will grow their sales at a light-to-moderate pace.
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