Fed survey: Housing is helping economy grow
By MARTIN CRUTSINGER AP Economics Writer October 10, 2012 1:12PM
Updated: October 10, 2012 1:29PM
WASHINGTON — Nearly all regions of the United States are reporting that stronger housing markets have helped boost economic growth since the middle of August, according to a survey by the Federal Reserve.
The Fed says growth improved in 10 of its 12 regional banking districts, while leveling off in one region and slowing in another. Rising home sales helped lift home prices.
The report also cited strength in auto sales in the period that covered September and the last weeks in August. Still, most districts said consumer spending was flat or up only slightly. Manufacturing activity was mixed, with half of the districts reporting slight improvement since the previous Fed report.