Shoppers Manuel Orellano, center, with his daughter Marcela, left, and her son Manuel, 6, shop for children's clothing at JCPenney at the Glendale Galleria shopping mall in Glendale, Calif.DAMIAN DOVARGANES/The Associated Press
The Federal Reserve says the U.S. economy grew at a moderate pace through mid-February despite severe winter storms that had disrupted activity in some regions.
The Fed says in its Beige Book report that six of its 12 regions had reported moderate growth with modest gains seen in most other areas. The Boston district said businesses in its area remained upbeat despite a series of huge snowstorms.
The Fed survey found that consumer spending was up in most districts, travel and tourism was increasing and manufacturing had shown solid gains with aerospace companies in the San Francisco region forecasting a record year.
The information contained in the Fed report will be used when the central bank next meets on March 17-18. Economists believe the Fed will not start raising interest rates until June or later.