US economy continues steady recovery pace

The US economy was expanding at a steady pace in recent weeks bolstered by growing consumer consumption and an improving housing market, the US Federal Reserve said on Wednesday. In its latest national economic performance survey, the central bank said that local economies ofCleveland, Richmond, Atlanta, Chicago, Kansas City, Dallas and San Francisco grew at a modest pace, while St. Louis and Minneapolis indicated stronger economic activity. However, Boston reported a slower rate of economic growth. Weaker economic conditions in New York were attributed to widespread disruptions at the end of October and into November caused by Hurricane Sandy. Consumer spending grew at a "moderate pace" in most regions, while manufacturing activity has weakened. Looking to the holiday sales season, the districts whose contacts gave an outlook noted mostly upbeat expectations, according to the report. Markets for single-family homes continued to improve across most areas in recent weeks with the exception of Boston and Philadelphia, added the central bank. The survey, known as the Beige Book, was based on economic information supplied by the Fed's 12 regional banks and was released eight times each year to provide a snapshot of the local economy.