The Federal Reserve survey released on Wednesday found the United States economy grew at a “moderate” pace from mid-November through early January.
The Fed said growth was helped by holiday shopping, strong auto sales and a recovering housing market. The report, known as the Beige Book, is based on anecdotal information from the Fed’s 12 regional banking districts.
PHILADELPHIA:The economy picked up after disruptions from Superstorm Sandy. Sales of new and used autos accelerated. Home sales remained strong. Manufacturers saw only mild growth.
CLEVELAND:Business activity expanded modestly, although some companies in the region expressed uncertainty because of the resolved budget debate in Washington. Manufacturing orders were flat or down slightly
CHICAGO (includes Iowa, Wisconsin, Michigan and parts of Illinois and Indiana): Economic activity expanded at a slow pace in late November and December. Many business contacts said they expected growth in 2013 would match or exceed 2012. But some were cautious because of the uncertainty surrounding the budget debate in Washington.
DALLAS (includes Texas and parts of New Mexico and Louisiana): Manufacturing remained mixed. Real estate and construction activity continued to improve. Retailers reported stronger holiday sales and auto dealers reported sales that were above year-ago levels.