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Economy Expanding At Moderate Rate, Fed Says
The U.S. economy held steady with "modest to moderate" growth between early July and late August, as Americans bought more cars and auto factories ramped up hiring.
The Federal Reserve's so-called Beige Book, comprising reports from 12 geographic districts around the country, showed that manufacturing activity "expanded modestly" and several districts ... [expressing] that demand for inputs related to autos, housing, and infrastructure were strong."
"Chicago highlighted the auto industry as a main source of strength for that District's overall manufacturing sector, and contacts there expect demand for heavy and medium trucks to ratchet up further and to support growth in overall manufacturing for the remainder of the year."