By Gwynn Guilford

 

The U.S. economy "accelerated to a moderate pace" from February to early April, as rising rates of Covid-19 vaccinations, business reopenings and federal-stimulus funds boosted consumer spending across the country, a Federal Reserve report said.

The Fed's periodic roundup of anecdotes from business sources, known as the Beige Book, on Wednesday indicated that the U.S. economy is increasingly firing on multiple cylinders. Service-sector activity is reviving as more people venture out and firms expand operations, releasing pent-up demand for dining, travel, and other activities that had largely been on hold during the pandemic. Manufacturing continued to grow swiftly as well, the report said.

"Outlooks were more optimistic than in the previous report, boosted in part by an acceleration in COVID-19 vaccinations," the Fed report said.

The Fed said the economy grew in all 12 Fed regions. New York expanded at a "strong pace for the first time in the pandemic," while the pickup in activity accelerated in Minneapolis, Dallas and Cleveland.

 

(END) Dow Jones Newswires

April 14, 2021 14:41 ET (18:41 GMT)

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