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Fed’s Beige Book Shows Strong Consumer, Cooling Labor Market
Resilient consumer spending helped propel the US economy in recent weeks, offsetting weakness in other sectors like manufacturing, the Federal Reserve said in its Beige Book survey of regional business contacts. “Consumers delivered some seasonal relief over the holidays by meeting expectations in most Districts and by exceeding expectations in three Districts, including in New York,” according to the report released Wednesday. A majority of Fed districts reported “little or no change” in economic activity in the period, but firms were increasingly optimistic about the future. “Overall, most districts ... (full story)