Fed: Growth Stays Moderate During Shutdown
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.