The Federal Reserve says 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 Fed says that 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.
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The Fed survey found that consumer spending was up in most districts, travel and tourism was 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 will be used when the central bank next meets on March 17-18. Economists believe the Fed will not start raising interest rates until June or later.