Fed finds US growing modestly

The US economy is growing modestly, according to the Federal Reserve’s latest Beige Book, released last night. In its September report, based on anecdotal evidence collected by regional Fed banks, the Fed said hiring conditions were little changed over the several weeks. Its business contacts suggest economic activity is still expanding modestly in most regions though pockets of weakness and strained labour markets remain a problem for some districts. Consumer spending appeared to be holding up despite a slack job market.