Fed Says Factories Supported ‘Modest to Moderate’ Growth

Gains in manufacturing, technology and housing fueled “modest to moderate” economic growth from early October through mid-November, the Federal Reserve said.

“Hiring showed a modest increase or was unchanged,” the central bank said today in its Beige Book business survey, which contains anecdotal reports from the 12 Fed district banks two weeks before the officials meet to set monetary policy. Consumer spending increased in most of the country, with retailers expressing optimism about holiday sales.