Fed Says Modest Growth Spurred by Housing in Survey

The U.S. economy grew at a modest to moderate pace across most of the country amid rising consumer demand for homes and autos, the Federal Reserve said.

“The majority of districts reported modest improvements in labor market conditions, although hiring plans were limited in several districts,” the central bank said in its Beige Book business survey, which is based on reports from the Fed’s 12 regional banks. “Residential real estate markets strengthened in nearly all districts and home prices rose amid falling inventories across much of the country.”