Fed survey finds economy growing modestly despite COVID

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — The Federal Reserve says the economy was growing at a modest pace at the end of 2021 but was still being held back by ongoing supply-chain disruptions and labor shortages. In its latest survey of business conditions around the country, the Fed said its 12 regional banks found that the economy was continuing to grow. But many districts reported a sudden pullback in spending on leisure travel, hotels and restaurants because of the rapid spread of the omicron variant of the coronavirus. The Fed survey, known as the beige book, will form the basis for discussions when the central bank holds its next meeting on Jan. 25-26.