US economy sees modest to moderate growth: Fed report

(MENAFN)Endorsed by housing recovery and stable growth in consumption and production during June and the first half of July, American economy kept modest to moderate growth pace, U.S. Federal Reserve reported. Fed said: "Banking conditions generally improved" and "hiring held steady or increased at a measured pace in most districts." Most of Fed's 12 districts saw growth in production with a rise in new orders and shipments with gains in housing sectors especially in residential and commercial real estate that witnessed a moderate to strong pace.