US economy grows at steady pace: Fed

Washington, April 12 (IANS) The US economy continued to grow at a steady pace since February, with most manufacturers optimistic about the near-term economic outlook, the Federal Reserve said Wednesday.

In its latest national economic performance survey, the central bank said that five districts, including Boston, Atlanta, Chicago and Dallas reported moderate growth.

Cleveland, St. Louis and New York reported modest growth. Philadelphia and Richmond cited improving business conditions, while the economy in Minneapolis and Kansas City grew at a solid pace, the Fed said.

The survey, known as the Beige Book, was based on economic information supplied by the Fed's 12 regional banks and was released eight times each year to provide a snapshot of the economy, Xinhua reported.

Manufacturing continued to expand in most districts, with gains noted in automotive and high-technology industries.

Manufacturers in many districts expressed optimism about near-term growth prospects, but they are somewhat concerned about rising petroleum prices, the survey noted.

Retail spending continued to improve in almost all districts, and residential real estate activity improved in most districts, signalling the US economy entered the new year on a strong note.