Fed's Beige Book says economy grew "at a measured pace"


The economy expanded "at a measured pace," the Fed reported in its October Beige Book. Most regions of the country grew at a moderate pace, but several districts grew at a slower rate. The growth of the New York and Philadelphia regions was negatively affected by Hurricane Sandy, but the growth in the Boston region slowed even though Hurricane Sandy had only a limited effect on it, the Fed noted. Consumer spending grew at a moderate pace in most regions and employment increased in more than half the regions, while the real estate and tourism/travel sectors were stronger in some districts and weaker in others. The performance of non-financial service providers and transportation companies also varied by region, and manufacturing slowed in seven of 12 districts, the Fed said. Consumer loan demand increased in some areas, but small business loan demand was generally weaker to moderately higher, the central bank reported.

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