The U.S. economy grew at a modest to moderate pace across most of the country amid rising consumer demand for homes and autos, the Federal Reserve said, Bloomberg reported yesterday. “The majority of districts reported modest improvements in labor market conditions, although hiring plans were limited in several districts,” according to the bank’s Beige Book business survey. “Residential real estate markets strengthened in nearly all districts and home prices rose amid falling inventories across much of the country.” The anecdotal snapshot helps the Federal Open Market Committee evaluate whether the labor market is showing signs of the substantial improvement that it says would warrant shrinking or halting $85 billion in monthly bond purchases. The committee is scheduled to meet March 19-20.
