Fed's Beige Book Shows Growth Remains "Modest To Moderate"

(RTTNews) - Some of the United States experiencing slowed growth in September and early October as the nation began to grapple with the government shutdown, according to the latest Beige Book report from the Federal Reserve, released on Wednesday.

The business communities near Philadelphia, Richmond, Chicago and Kansas City reported that economic growth had slowed.

Overall, the U.S. economy expanded modestly to moderately, helped by the housing and auto recovery. Consumer spending and manufacturing picked up modestly and business investment grew, the report said.

Cleveland, St. Louis and Minneapolis saw the fastest growth in manufacturing, while housing was strongest the Minneapolis and Dallas regions.

However, job growth remained subdued around the country as employers expressed concerns about the impasse on Capitol Hill.