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.