Beige Book: Growth Continues, But Remains Sluggish

WASHINGTON — All 12 Federal Reserve Districts reported economic growth since the last Beige Book report in January, but some districts continued to report sluggish activity, the Fed reported Wednesday.

"Five Districts reported that economic growth was moderate in January and early February, and five Districts reported that activity expanded at a modest pace," the Beige Book states. "The Boston District said the economy continued to expand slowly, and the Chicago District reported that economic activity grew at a slow pace."

The latest report shows that consumer spending was generally up across the country, although retail sales slowed in some places. Automobile sales were mostly "strong or solid" across the districts. The housing market recovery appeared to continue.

"Residential real estate markets strengthened in nearly all Districts and home prices rose amid falling inventories across much of the country," the report states.

Manufacturing activity and employment conditions both showed modest improvements, the fed said, and transportation contacts were generally "optimistic about future activity."

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