Washington, Dec 2 (DPA) The US economy is growing in most parts of the country, according to a monthly study released Wednesday by the rate- setting US Federal Reserve.
The Fed found that in 10 of its 12 regions nationwide, the economy was gaining strength in November. Only eight of the 12 regions showed growth in October in the central bank’s ‘beige book’, an anecdotal monthly economic report.
Hiring was stronger, which remains a top priority for both monetary policymakers at the Fed and President Barack Obama’s government, with persistent unemployment near 10 percent.
The Federal Reserve said that the manufacturing sector was growing, and that retailers expected stronger sales leading up to the year-end holidays.
Among the 10 regions with economic expansion, five reported ‘slight to modest’ growth, and five others saw a ‘somewhat stronger pace of economic activity’.
The two exceptions were in the Philadelphia and St Louis regions, which were described as ‘mixed’.
