Growth Rates Patchy in June, Early July

Wed Jul 28, 2004

WASHINGTON (Reuters) - The American economy moved ahead in June and the first part of July but the pace of growth varied by geography, the Federal Reserve said on Wednesday in its "beige book" economic report.

"Federal Reserve districts reported that economic activity continued to expand in June and early July, although several districts reported that the rate of growth moderated," said the report, an anecdotal look at conditions across the nation, as seen by the Fed's dozen regional banks.

Growth was described as ranging from "modest" to "solid" in half of the regions, while five Fed banks said growth rates had "slowed somewhat." Another Fed bank, in Boston, cited "mixed" reports from its business contacts.

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