U.S. economy growing at moderate pace
WASHINGTON- Despite severe winter storms that disrupted economic activity in many regions, the Federal Reserve says the U.S. economy grew at a moderate pace through mid-February.
Six of the 12 Fed districts report moderate growth with the others reporting modest gains. The Boston district that was hit by record snowfall says businesses in ts confines remained upbeat despite the weather setbacks.
The Fed says consumer spending is up in most districts, travel and tourism is increasing and manufacturing showed solid gains.
The San Francisco region forecasts a record year involving aerospace companies.
This information will be used in the Feds' upcoming meeting in two-weeks and economists believe it will not start raising interest rates until this summer.