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Fed: Economy picked up slightly over Thanksgiving, Christmas, driven by consumers, factories
WASHINGTON – A Federal Reserve survey shows economic growth remained healthy in most U.S. regions in late November and December, helped by gains in consumer spending and factory output.
The Fed says nine of its 12 banking districts described growth as moderate, up from seven in last month’s report. Two of those districts said growth had accelerated since the previous report. Only two districts — Boston and Philadelphia — said growth was modest, while Kansas City said it “held steady.”
Three-quarters of the districts said shoppers spent more over the winter holidays. And all but Kansas City said manufacturing production grew.
The Beige Book survey is based on anecdotal reports from businesses and will be considered along with other data when the Fed meets next Jan. 28-29.
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