Economy Grows in U.S. Amid Dollar Headwind, Beige Book Shows

The U.S. economy expanded in the past two months, even as manufacturers in some regions took a hit from a stronger dollar and a slowdown in energy-related investment, a Federal Reserve report showed.

Four of 12 Fed districts reported “moderate” growth, and three others described the expansion as “modest,” according to the Beige Book, released Wednesday in Washington, which is based on reports gathered from early April to late May by regional Fed banks. Elsewhere, the pace of growth varied from “mixed” to “slight.” Growth slowed in the Dallas Fed district.