Reports from Federal Reserve districts say economy is growing but energy prices have cut spending.
October 27, 2004: 2:13 PM EDT
WASHINGTON (Reuters) - The U.S. economy kept on growing in September and early October, even as higher prices for energy put a crimp in consumer and business spending, the Federal Reserve said Wednesday.
"Reports from the twelve Federal Reserve Districts generally indicated that economic activity continued to expand in September and early October," the U.S. central bank said in its "beige book" report, an anecdotal look at economic conditions across the Fed's dozen regions.
"Many reports suggested that higher energy costs were constraining consumer and business spending," the report said, in a sign Fed officials may be worried about the potential threat of continued high oil prices on the economy's health.
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