Fed survey: US economy growing at steady pace
Source: AP-Excite
By MARTIN CRUTSINGER
WASHINGTON (AP) - A pickup in consumer spending and steady home sales helped lift economic growth from October through early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy.
Growth improved in nine of the Fed's 12 regional banking districts, the survey said. Growth was weaker in New York, Philadelphia and Boston - areas where Sandy caused widespread disruptions.
The survey noted that growth was better despite nervousness about the "fiscal cliff." That's the name for automatic tax increases and spending cuts that could kick in next year if Congress and the Obama administration can't reach a budget deal before then.
Hiring increased in more than half of the districts. But manufacturing shrank or slowed in seven regions and was mixed in two others.
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In this Friday, Nov. 16, 2012, photo, Nancy Barch, left, and Itzel Nino work on assembly line at Generac Power Systems, Inc., one of the largest makers of residential generators in the U.S., in Whitewater, Wis. A pickup in consumer spending and steady home sales helped lift economic growth in October and early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy. (AP Photo/Nam Y. Huh)
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to impose austerity.
