Federal Reserve: “Widespread Signs of Economic Deterioration” in Obama’s “Recovery Summer”…

WASHINGTON – More regions of the country reported slower growth as the U.S. economy lost momentum in the late summer.

A new survey by the Federal Reserve finds the weakness spreading. Of the 12 regions tracked by the Fed, economic activity was mixed or slowed in five – New York, Philadelphia, Richmond, Atlanta and Chicago. Activity elsewhere was described as modest or pointed to positive developments.

In the Fed’s previous survey in late July, only two regions – Atlanta and Chicago – had reported slower growth.

Although the economy was still growing in late summer, there were “widespread signs of deceleration,” the Fed says.

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