US Economy Expands Modestly


Washington, Oct 11 (IANS): The US Federal Reserve said Wednesday that its latest survey showed the US economy "expanded modestly" in recent months.

Consumer spending was generally reported to be flat or have strengthened slightly since the last report in August, reported Xinhua.

A number of districts characterized retail sales as expanding at a modest pace, while reports from New York, Chicago and Kansas City indicated flat or softening sales, the Fed noted in its survey report, also known as the Beige Book.

"Conditions in the manufacturing sector were mixed but, on balance, somewhat improved since the last report," said the central bank.

The Beige Book was based on economic information supplied by the Fed's 12 regional banks and collected during the reporting period from late August through the end of September. It was released eight times a year to provide a snapshot of the local economy.

  

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Title: US Economy Expands Modestly



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