Fed survey finds economy growing at moderate pace

The Federal Reserve says the U.S. economy has been growing at a moderate pace, helped by sustained gains in consumer spending.

The Fed says that its latest survey of economic conditions around the country found that the Fed's 12 regional banks all depicted growth as either "modest or moderate" from January through mid-February.

Labor markets continued to be tight with some districts reporting widening labor shortages, especially for skilled jobs such as engineering and information technology. Some districts reported a pickup in the pace of wage growth, which has been subdued through most of this economic expansion.

The Fed's survey, known as the Beige Book, will be used when Fed officials next meet on March 14-15. The possibility of a rate hike at the meeting has risen recently.