WASHINGTON — The U.S. economy was growing at a moderate pace through mid-February despite severe winter storms that had disrupted activity in some regions, the Federal Reserve reported Wednesday.
The Fed said 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 were 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, known as the beige book, will be used when the central bank next meets March 17-18. Economists expect the Fed will not start raising interest rates until June or later.
Fed Chair Janet Yellen delivered the central bank’s semi annual economic report to Congress last week and indicated that the Fed is still willing to be “patient” in terms of raising interest rates because of weak wage growth and inflation well below the Fed’s 2 percent target.
The beige book found that wage pressures remained moderate and largely were limited to workers in skilled occupations.
