Federal Reserve Sees U.S. Economic Growth as Steady but Slow<br />In a similar vein, the Fed said banks reported a broad decline in loan demand during the first quarter<br />of 2017, “even as lending standards on such loans were reported to be basically unchanged.”<br />The Fed publishes the assessment, called the Monetary Policy Report, twice a year, in the winter and the summer.<br />“Providing more clarity on the future direction of government policy is highly desirable.”<br />The report noted, however, that business investment “rose robustly” in the first quarter, thanks<br />to increased spending on drilling and mining equipment, which could indicate a shift.<br />The low level of investment may be one reason for the slow pace of productivity growth, an average<br />annual pace of just 1 percent, about half the pace during the period from 1990 to 2004.<br />A measure of hourly compensation that includes wages, salaries<br />and benefits rose at an annual pace of 2.25 percent over the last four quarters, the Fed said.<br />By BINYAMIN APPELBAUMJULY 7, 2017<br />WASHINGTON — The Federal Reserve’s view of the American economy, which it updated Friday in<br />a semiannual report to Congress is out: steady growth still impeded by a range of problems.
