BLOOMBERG: The Federal Reserve said the economy grew at a slower pace in more parts of the country since the beginning of June as shoppers restrained spending and factory production eased.
“Economic activity continued to grow,” the Fed said in its Beige Book survey released today in Washington. “However, the pace has moderated in many districts.” Growth slowed in eight of the Fed’s 12 regions, compared with four in the last survey, the central bank said.
The report underscores Fed Chairman Ben S. Bernanke’s message to Congress earlier this month that maintaining record monetary stimulus is necessary to bolster the economy. Bernanke left the door open to additional action, including buying more government bonds, should the recovery appear in danger of stalling… (more)
