U.S. Economy Slows

Wednesday, October 17th 2007, 9:24 pm
By: News On 6

WASHINGTON (AP) -- The Federal Reserve says the U.S. economy has experienced slower growth, reflecting pressures caused by the troubled housing and credit markets.

The so-called Beige Book survey is prepared for the central bank's policy-setting session later this month.

It says consumer spending has been uneven, suggesting slower growth in the early fall. Manufacturing and service sectors continued to expand, but growth weakened, particularly for products and services related to home construction and real estate

The report notes that businesses are increasingly uncertain about the economic outlook.

Economists are mixed on whether the Fed will cut interest rates again at the end of the month. The next meeting is a two-day affair, wrapping up on October 31st.