Fed says U.S. economy grew sluggishly early 2001

The U.S. economy grew at a "sluggish to modest" pace at the start of the 2001, helped by slightly stronger consumer spending as retailers cut prices to clear their shelves, the Federal Reserve said on Mar 7, 2001.

In its latest Beige Book summary of national economic activity, the central bank said there was no sign of widespread price pressures except in energy, and said more than half of the Fed's 12 regional Fed banks reported some signs of easing in labour markets in their areas.

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