Stronger Housing Markets Boost Economic Growth
Washington, DC, Oct. 11, 2012 -- Stronger economic growth at the end of the summer was spurred by improved housing markets, according to a Federal Reserve survey known as the Beige Book released Wednesday.
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The Fed said growth improved in 10 of its 12 regional banking districts from mid-August through September.
Rising home sales helped increase home prices in most districts.
However, consumer spending was flat or up only slightly in most areas. Half of the districts reported slight improvement in manufacturing since the previous Fed report. And hiring was unchanged in most districts.