Fed says more consumer spending, housing boost US growth
WASHINGTON - The Federal Reserve says the U.S. economy grew at a modest pace this fall, lifted by higher consumer spending and more home sales and construction.
The Fed says in its latest snapshot of the economy that nine of its 12 regional banks reported growth was modest or moderate from early October through mid-November. The New York Fed said growth leveled off, while it slowed in Boston and was mixed in Kansas City.
The Fed's report suggests that healthy consumer spending is offsetting overseas headwinds that have weighed on U.S. manufacturers.
The report, known as the Beige Book, will be used for discussion when the central bank next meets Dec. 15-16. Fed officials at that meeting are widely expected to raise interest rates for the first time in nine years.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Livingston man arrested after neighbor's dog shot, killed
Search committee looking to fill singular LSU president-chancellor position
Middle school student pulled out of class for wearing 'Trump 2020' mask
EBR overdoses up by 89 in 2020 from last year
Fire destroys mobile home in Central Thursday