Fed survey: More parts of country report slower growth as economy loses momentum

Published September 08, 2010

| Associated Press

WASHINGTON – More regions of the country reported slower growth as the U.S. economy lost momentum in the late summer.

A new survey by the Federal Reserve finds the weakness spreading. Of the 12 regions tracked by the Fed, economic activity was mixed or slowed in five - New York, Philadelphia, Richmond, Atlanta and Chicago. Activity elsewhere was described as modest or pointed to positive developments.

In the Fed's previous survey in late July, only two regions - Atlanta and Chicago - had reported slower growth.

Although the economy was still growing in late summer, there were "widespread signs of deceleration," the Fed says.

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