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U.S. economy picked up in September: Fed
Wednesday, October 10, 2012 19:50 EDT
WASHINGTON — The US economy picked up in September despite weak momentum in consumer spending, a Federal Reserve survey of regional economies published Wednesday showed.
In its Beige Book report, used for policy decisions, the Fed said that economic activity “generally expanded modestly” since the last report six weeks earlier, when it characterized growth as only gradual.
The relatively upbeat assessment came as the economy remains uppermost in voters’ minds. Only 26 days before the November 6 election, President Barack Obama and Republican nominee Mitt Romney remained locked in a tight race, with Obama’s fate tied in part to how voters judge his record in restoring economic growth.
The latest Beige Book showed an increasing number of the central bank’s 12 districts found growth “continued at a modest pace,” with only one reporting growth was “leveling off” and another indicating “some slowing.”
The embattled housing market continued to improve, home construction was rising, manufacturing was mixed but heading in the right direction, and activity in the energy sector “remained robust.”
In its Beige Book report, used for policy decisions, the Fed said that economic activity “generally expanded modestly” since the last report six weeks earlier, when it characterized growth as only gradual.
The relatively upbeat assessment came as the economy remains uppermost in voters’ minds. Only 26 days before the November 6 election, President Barack Obama and Republican nominee Mitt Romney remained locked in a tight race, with Obama’s fate tied in part to how voters judge his record in restoring economic growth.
The latest Beige Book showed an increasing number of the central bank’s 12 districts found growth “continued at a modest pace,” with only one reporting growth was “leveling off” and another indicating “some slowing.”
The embattled housing market continued to improve, home construction was rising, manufacturing was mixed but heading in the right direction, and activity in the energy sector “remained robust.”
More:
http://www.rawstory.com/rs/2012/10/10/u-s-economy-picked-up-in-september-fed/
