Fed Beige Book Says U.S. Economy Continues to Grow

by Patrick Lunsford, CollectionIndustry.com

The Federal Reserve said Wednesday that the U.S. economy has grown in the past six weeks or so, but that there is slow growth occurring in certain areas of the country.

In its Beige Book summary of economic conditions, the Fed noted that economic conditions in 5 of 12 districts — Boston, New York, Philadelphia, Kansas City and Dallas ? are reporting declines in economic growth rates, attributable primarily to a slow down in housing construction and an increase in energy costs.

The report was prepared by the Federal Reserve Bank of New York based on data collected on or before Aug. 28, and covers the period from that date back to mid-July. The anecdotal snapshot of economic conditions will be used at Fed’s next policy meeting on Sept. 20.