Fed survey sees economic growth throughout country
WASHINGTON – Strong auto sales, hiring gains and a continued housing recovery helped the U.S. economy grow throughout the country in January and February, according to a survey released Wednesday by the Federal Reserve.
The Fed says 10 of its 12 banking districts reported moderate or modest growth, while Boston and Chicago districts reported slow growth.
Consumer spending increased in most regions, although growth slowed in many districts and much of the increases were driven by auto sales. Many districts said that consumers pulled back slightly on spending outside of autos after seeing taxes rise and gas prices increase. Some also expressed concerns about federal spending cuts that started on March 1.