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US economy growing across nation: Fed Beige Book

AFP

AFP Photo

All regions of the US have continued to expand their economic activity, the Federal Reserve said in a report Wednesday.

Seven of the 12 regions surveyed recorded growth that was only "modest," while five notched "moderate" growth, the Fed said in its latest "Beige Book" report, based on economic conditions in the six-week stretch before July 7.

The report pointed to generally strengthening conditions in consumer spending, the non-financial services sector and labor markets, although gains in some parts of the country were slight in some of these categories.

Reports on real estate "varied" across the districts, with "mixed" demand in some regions.

The report is the latest to depict the US economy as picking up steam after unusually cold weather depressed activity in the first quarter.

Date created : 2014-07-16