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Federal Reserve

Fed report finds economy growing at moderate pace in summer

The Federal Reserve's latest look at business conditions nationwide found that the economy kept expanding during the summer, driven by robust housing and auto sales. However, manufacturers were starting to feel pressures from an economic slowdown in China. The oil industry was also being hit by the sharp drop in energy prices. The Fed said Wednesday that 11 of its 12 regional banks found that the economy was growing at either a moderate or modest pace in July through mid-August. Cleveland reported just slight growth during that period. The Fed report, known as the beige book, will be used for discussion when the central bank meets Sept. 16-17. The gathering will be closely watched...