WASHINGTON, Dec. 4 (Xinhua) -- U.S. economy grew at a "modest to moderate" pace from early October through mid-November, boosted mainly by manufacturing and real estate activities, U.S. Federal Reserve said Wednesday.
"Manufacturing activity continued to expand in most Districts, with gains noted in the motor-vehicle and high-technology industries," the central bank said in its latest survey report, known as the Beige Book.
Looking forward to the holiday shopping season, retailers have been hopeful, but cautious. Sales of new motor vehicles were reported as moderate to strong across much of the United States, noted the report.
"Tourism increased in most reporting Districts, although the federal government shutdown had a negative impact in some areas. Residential real estate activity improved across many Districts, with multifamily construction experiencing moderate to strong growth," said the Fed.
The Beige Book is based on economic information supplied by the Fed's 12 regional banks and is released eight times a year to provide a snapshot of the local economy. It is updated about two weeks before each of the Fed's policy-setting meeting.
The federal government was shut down for 16 days starting on Oct. 1, and only reopened after Congress approved a short-term deal to fund the government through Jan. 15 and raise the debt ceiling until Feb. 7.
Survey shows U.S. private sector sees faster job growth in November
WASHINGTON, Dec. 4 (Xinhua) -- The private sector of the United States reported a faster job growth in November after the end of a federal government shutdown a month earlier, said a private survey released Wednesday.
U.S. private companies added 215,000 jobs in November, the largest monthly gain since a year ago, following the revised figure of 184,000 in October, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody's Analytics, based on a monthly survey. Economists were expecting an increase of 170,000 private jobs for November. Full story