The U.S. Economy – what caught my eye this week: The Beige Book, Inflation, and Industrial Production

Total industrial production increased by 5.4 percent in June, but still remains more than 10 percent below its pre-pandemic level in February:

The so-called “Beige Book” published by the Fed provides useful pieces of information on the current state of the U.S. Economy. It reports improvements in the economic condition in most sectors and states, but in general, economic activity is far below its pre-pandemic level:

Consumer price inflation was positive in June (+0.6 percent). Higher gasoline prices accounted for much of the increase. But also the Consumer price inflation index that excludes energy and food prices modestly increased by 0.2 percent.

The bad news is that the number of Covid-19 cases is still high or rising in some states (in particular, Texas, Florida, and California). The Coronavirus Resource Center at the John Hopkins University provides useful data and maps:

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