The U.S. economy continued to grow across the country as it recovered from the coronavirus pandemic but the picture was uneven, according to a new report from the Federal Reserve.
“Changes in activity varied greatly by sector,” the central bank said in its Beige Book survey released Wednesday in Washington. “Economic activity continued to increase across all districts, with the pace of growth characterized as slight to modest in most districts.”
The report was based on information collected by the Fed’s 12 regional banks through Oct. 9.
The U.S. economy’s rebound has shown some signs of slowing in recent weeks as fiscal stimulus passed in early spring has expired and COVID-19 makes an autumn resurgence. The most recent economic data has been mixed, with consumer spending rising while jobs gains have slowed.
Fed Governor Lael Brainard warned earlier on Wednesday that more fiscal stimulus is needed, with spending and employment at risk. The report was released in advance of the Federal Open Market Committee’s meeting Nov. 4-5, which starts the day after the U.S. election. Economists expect the central bank to make few if any changes to policy.