Job gains strong, prices rising as US recovery continues -Fed Beige Book

Powell (pic) pledged to keep the Fed's "powerful support" in place to complete the rebound from the coronavirus pandemic, but was peppered with pointed questions about the current hot streak of inflation.

WASHINGTON: A strengthening U.S. economy was spinning off broad-based job gains through early July that were particularly strong for lower-skilled occupations, the Federal Reserve reported Wednesday in its latest Beige Book compendium of reports about the economy.

But prices were also strong, rising "at an above-average pace, " the Fed said, with its business contacts apparently uncertain that higher inflation would fade soon.