Fed finds moderate economic growth
WASHINGTON- The U.S. economy is growing at a moderate pace according the Federal Reserve which will be the focus of discussions at its meeting later this month. The Fed "Beige Book" says the economy was helped in December and early January by gains in sales of cars and other consumer products, increased factory production and tourism in various parts of the country.
The Fed says its 12 banking districts report "modest" or "moderate" growth in business contracts and payrolls grew in a variety of sectors. People in specialized jobs only saw significant wage gains.
General merchandise retailers in New York reported sluggish holiday sales with high-end merchandise sales doing well in Philadelphia and San Francisco.