Fed Beige Book: U.S. Economy Grew at Modest to Moderate Pace in July, August
Central Bank's Survey Shows Expansion Was Led by Consumer Spending on Cars, Housing
The central bank's "beige book" report, a summary of conditions in its 12 districts from early July through late August, was largely positive. Eight districts reported moderate growth, while three said growth was modest. The remaining district, Chicago, said economic activity had improved.
Back-to-school shopping helped boost overall consumer spending, particularly in Boston, Kansas City and Dallas. Sales were mixed in New York, and were more modest in the other districts. Activity in the travel and tourism sectors expanded in most areas.
Demand rose in part from stronger car sales and housing-related goods such as furnishings or home-improvement items, the report said. Still, several regions said consumers remain cautious and "highly price-sensitive."
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