Stronger housing markets, including existing-home sales in the Philadelphia region, helped boost economic growth at the end of the summer in nearly every region of the United States, according to a Federal Reserve survey released Wednesday.
The Fed said growth improved in 10 of its 12 regional banking districts from mid-August through September, while leveling off in one region and slowing in another. Rising home sales helped lift home prices in most districts.
The report, known formally as the Beige Book, also cited an increase in auto sales in most parts of the country. Still, consumer spending was flat or up only slightly in most districts. Manufacturing activity was mixed, with half of the districts reporting slight improvement since the previous Fed report. And hiring was unchanged in most districts.