Beige Book: Consumers In The Mood To Spend

(RTTNews) - The U.S. consumer remains in an upbeat mood heading into the holidays, according to the Federal Reserve's Beige Book.

That's good news for the broader economy that has suffered slowdowns during the previous two winters.

Taken with hawkish comments from Federal Reserve Chair Janet Yellen earlier in the day, the central bank appears to be on track to raise interest rates at its December 15-16 meeting.

Respondents to the Fed's Beige Book survey indicated that economic activity increased at a modest pace in most regions of the country since the previous report.

Consumer spending increased in nearly all twelve Fed districts, with the pace of sales ranging from sluggish in New York to moderate in Minneapolis and San Francisco.

A potential area of concern is the manufacturing sector.

The strong dollar, low commodity prices, and weak global demand constrained factory activity in a number of districts.