Fed's Beige Book: Economic Recovery Plodding Along

(RTTNews) - The U.S. economy grew at a "modest to moderate" pace over the summer, the Federal Reserve reported Wednesday in its Beige Book.

There was little change in its assessment for July and August compared to the previous two months.

Consumer spending continued to rise amid strong demand for automobiles and housing-related goods.

The manufacturing sector showed some improvement and residential real estate activity increased moderately despite higher interest rates, according to anecdotal information compiled by the Fed's 12 regional branches.

For most occupations and industries, hiring held steady or increased modestly relative to the prior reporting period.