A Federal Reserve survey shows the U.S. economy strengthening in all regions in July and August in areas from consumer spending to auto sales to tourism.
All 12 of the Fed's regions reported growth. Six — New York, Cleveland, Chicago, Minneapolis, Dallas and San Francisco — characterized growth as "moderate." The other districts reported somewhat slower expansion.
The survey found no clear evidence that the economy is expanding so fast that the Fed might soon need to begin raising interest rates to prevent inflation.
Most regions reported optimism about key economic sectors. A majority cited increased loan demand, for example, and hotel occupancies.
The survey, known as the Beige Book, is based on anecdotal reports from businesses and will be considered with other data when Fed policymakers meet Sept. 16-17.
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