While economic activity increased at a “modest to moderate” rate over the last several weeks, in much of the country “the pace of growth slowed… constrained by supply chain disruptions, labor shortages, and uncertainty around the Delta variant of Covid-19,” the report said. The constraints and shortage of goods caused “significantly elevated prices” in most areas of the country, the Fed said in its “beige book” report on economic conditions, which noted rising uncertainty about the outlook.
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