US economy growing modestly: Fed

By AFP

Seven of the 12 regions surveyed recorded growth that was only "modest," while five notched "moderate" growth, the Fed said in its latest Beige Book report, based on economic conditions in the six-week stretch before July 7.

The report pointed to generally higher consumer spending, with strong auto sales outperforming other retail segments, which saw "generally modest growth". "Vehicle sales expanded in most districts, and auto contacts were optimistic about auto sales in the months ahead," the report said.

Read more here: Business Spectator

    

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