A survey by the U.S. Federal Reserve has found that the American economy expanded at a modest pace in October and early November due to strong consumer spending and despite an ongoing trade war with China.
In its latest assessment of business conditions nationwide, the U.S. central bank struck a more upbeat tone than it had in its previous report when it raised concerns about trade tensions and slower global economic growth.
However, the Fed still noted that the majority of its 12 districts were not experiencing growth in manufacturing, which has been hurt by the widening trade war with China. The Fed report, known as the "Beige Book," will be used when Federal Reserve officials meet in mid-December to set interest rate policies.
The consensus forecast is that the central bank will leave its benchmark interest rate unchanged after cutting it at its three previous meetings this year.
