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Despite market turmoil, Fed says all 12 of its bank regions grew modestly in August
WASHINGTON (AP) ' Despite the turmoil that shook the financial markets last month, the Federal Reserve says its 12 bank regions grew modestly this summer because consumers spent more in most parts of the country.
The Fed survey notes growth was mixed and some regions reported weaker expansion. But the survey appeared to be an improvement from the previous report, when the central bank said growth had slowed in eight of its 12 regions in June and early July.
The survey looked at economic conditions around the country from mid-July through Aug. 26. It was based on reports provided by the Fed's 12 regional banks. The regional outlook will help shape the discussion at the central bank's next meeting on Sept. 20-21.