WASHINGTON — The economy worsened in much of the country earlier this summer, hampered by high unemployment, weak home sales and signs of a slowdown in manufacturing.
A survey by the Federal Reserve, released Wednesday, found that weak consumer spending, slow job growth and tight credit are restraining growth into the second half of the year.
Growth slowed in eight of the Fed’s 12 bank regions in June and early July, the report found, compared with the spring. That marked the worst showing this year. The Kansas City district, which includes Colorado, showed moderate improvement.
The Fed’s survey found that factory output weakened in some areas. That’s likely to heighten concerns that manufacturing, one of the economy’s few bright spots over the past two years, is sputtering.
