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Fed: Growth Stays Moderate During Shutdown

Wed, 12/04/2013 - 2:13pm
Martin Crutsinger, AP Economics Writer

WASHINGTON (AP) -- A Federal Reserve survey shows the U.S. economy held steady during the 16-day partial government shutdown, growing moderately in most regions from October through late November.

The Fed says seven of its 12 banking districts described growth as moderate. Four — Philadelphia, Chicago, Kansas City and San Francisco — said growth was modest. Boston said its regional economy continued to expand.

Manufacturing strengthened in most districts, helped by more production of cars, trucks and high-tech products. Consumers boosted spending in most regions, and retailers were hopeful yet cautious about the holiday shopping season. Hiring improved in five of the districts; the other seven reported little change.

The beige book survey, as it is known, is based on anecdotal reports from businesses and will be considered at the Fed's next meeting.

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