Economic activity slow: Fed

Published September 12, 2002

WASHINGTON, Sept 11: The US economy slowed in recent weeks, although activity was mixed by sector, the Federal Reserve said on Wednesday in a report showing a patchy economic recovery.

“Most districts indicated slow and uneven economic growth, with mixed or scattered experiences across sectors of the economy,” the Fed said in its so-called Beige Book, an anecdotal snapshot of economic conditions across the nation.

The report, compiled by the Federal Reserve Bank of St. Louis with information collected before Sept. 3, found an uneven performance among retailers in late July and August and said manufacturing activity was “sluggish.”

In addition, most of the 12 regional Fed bank districts reported little or no gain in employment, although three noted increased demand for temporary workers.

The report, a compilation of material from each Fed district, will be used by officials when they gather on Sept. 24 to discuss interest rates.—Reuters

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