Fed: Economy grew modestly over summer

September 7, 2016 6:27 PM

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The U.S. economy expanded modestly in July and August as manufacturing activity picked up slightly, retail sales were flat and payrolls increased moderately in a tight labor market, the Federal Reserve said in a report Wednesday.

The depiction of a tepidly growing economy in the Fed’s “beige book” was little changed from its previous summary. But Fed policymakers are expected to scrutinize the final edition of the account before they decide whether to raise interest rates at a September 20-21 meeting for the first time this ...

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