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US economy picks up

October 11, 2012

WASHINGTON, Oct 10: The US economy picked up in September despite weak momentum in consumer spending, a Federal Reserve report published on Wednesday showed.

In its report on regional economies known as the Beige Book, the Fed said that economic activity “generally expanded modestly” since the last report six weeks earlier.

Growth picked up in September compared with the August 29 Beige Book, that had noted the economy had expanded “gradually” across most regions and sectors.

The latest report indicated that most of the central bank’s 12 districts found growth “continued at a modest pace.”

The New York district reported growth was “leveling off” and the Kansas City region indicated “some slowing,” the Fed said.

Consumer spending, which accounts for about 70 per cent of US economic activity, cast a cloud over the somewhat improved economic conditions last month.

“Consumer spending was generally reported to be flat to up slightly,” compared with stronger growth in the prior period, the Fed said.—AFP