Fed Says ‘Moderate’ Growth Across U.S. Was Led by Housing

The Federal Reserve said the U.S. economic expansion remained “moderate” amid gains in manufacturing, housing and autos that offset weakness in defense-related industries in some regions.

“Most districts noted increases in manufacturing activity since the previous report,” the central bank said today in its Beige Book business survey, which is based on reports from the Fed’s 12 regional banks from late February to early April. “Particular strength was seen in industries tied to residential construction and automobiles.”