WASHINGTON — The Federal Reserve says the U.S. economy grew at a modest pace this fall, lifted by higher consumer spending and more home sales and construction.
The Fed said Wednesday in its latest snapshot of the economy that nine of its 12 regional banks reported growth was modest or moderate from early October through mid-November. The New York Fed said growth leveled off, while it slowed in Boston and was mixed in Kansas City.
The Fed’s report suggests that healthy consumer spending is offsetting overseas headwinds that have weighed on U.S. manufacturers. The report, known as the Beige Book, is released eight times a year and consists of anecdotal reports from businesses in each of the 12 districts.
It will be used for discussion when the central bank next meets Dec. 15-16.
The November jobs report will be released Friday, and economists forecast that it will show that employers added 200,000 jobs, while the unemployment rate remained 5 percent.
