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Economic Survey Upbeat, Although Hiring Still LagsAssociated Press
October 15, 2003
Washington -- A new survey of the nation's economy by the Federal Reserve finds improvement in most areas, even in the long-struggling manufacturing sector.
Consumer spending has risen and the Beige Book says the pace of the recovery has accelerated in most regions since the last report in August.
Manufacturing activity has strengthened, but has yet to lead to a broad-based improvement in hiring.
The survey is prepared for the Fed's next policy-setting session later this month. Analysts believe the central bank will leave its target for banks' overnight borrowing unchanged at a 45-year low of 1 percent.
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