Fed says economy expanded somewhat in 9 of 12 districts
WASHINGTON - The Federal Reserve says the economy expanded across most of the United States in December and early January.
The Fed says in its latest snapshot of the economy that nine of its 12 regional banks reported modest or moderate growth in the latest period.
The New York and Kansas City Fed banks reported that economic activity was "essentially flat."
Growth in consumer spending, which accounts for about 70 percent of U.S. economic activity, was "slight to moderate" in most districts.
Most manufacturing industries - except for automakers and aircraft manufacturers - "displayed a weakening in activity." Factories have been hurt by a stronger dollar, which makes American-made products more expensive in foreign markets.
The report, known as the Beige Book, will be used for discussion when the central bank next meets Jan. 26-27.
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