Federal Reserve says economy expanding at 'modest to moderate' pace
Wednesday, June 05, 2013 3:02 PM
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 in its Beige Book business survey, Bloomberg reported. Manufacturing increased across most regions as residential construction "was a boon" to suppliers, and four districts reported increased demand for lumber or wood products. Vehicle sales "generally increased" across the nation, while tourism showed "signs of strength" in several areas. Nonfinancial business activity increased amid rising demand for technology, architecture, accounting and legal services. Read more.