Fed’s Beige Book Says U.S. Economic Recovery Slowed

The Federal Reserve said U.S. economic growth slowed in some areas over the past two months, dragged down by commercial real estate and the expiration of a tax credit for homebuyers.

“Economic activity has continued to increase, on balance, since the previous survey,” the central bank said today in its Beige Book business survey, while noting that two of the Fed’s 12 districts reported the economy “held steady” and two said the pace of expansion slowed.