Fed’s Beige Book Shows ‘Modest to Moderate’ Growth in U.S.

The economy expanded at a “modest to moderate” pace in 11 of 12 Federal Reserve districts, with broad-based gains ranging from business services to construction and manufacturing, the central bank said today.

“Hiring increased at a measured pace in several districts, with some contacts noting difficulty finding qualified workers,” the Fed said in its Beige Book business survey, which is based on reports from its regional banks. Growth in the Dallas Fed district was described as “strong.”