Fed survey finds modest growth in many regions

courtesy: MGN Online
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WASHINGTON (AP) -- The Federal Reserve says the economy grew at a modest pace in much of the country from April to mid-May, despite headwinds ranging from slower consumer spending to ongoing troubles in manufacturing and the energy sector.

The Fed's latest survey of business conditions found that half of its 12 regions described growth as modest, while Dallas said economic activity had increased "marginally." But two districts -- Chicago and Kansas City -- said growth had slowed from the past report. New York described activity as "generally flat."

The report will provide the basis for a discussion on the economy at Fed's upcoming meeting on June 14-15. The weakness shown in the new Fed survey could be cited as a reason to hold off on a rate hike.

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