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Federal Reserve Sees Economic Growth Slowing in Some Areas
Last Modified: Wednesday, July 28, 2010 at 6:15 p.m.
The Federal Reserve said Wednesday that economic growth slowed in some areas over the past two months, dragged down by commercial real estate and the expiration of a tax credit for homebuyers. "Economic activity has continued to increase, on balance, since the previous survey," the central bank said in its Beige Book business survey, while noting that two of the Fed's 12 districts reported the economy "held steady" and two said the pace of expansion slowed. The Fed reported improvements in service industries, an increase in tourism, an expansion of manufacturing and progress in labor markets. Activity in commercial real estate, especially construction, "remained weak," the Fed said.
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