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Fed report finds US economy growing modestly

The US economy continued to grow at a "modest to moderate" pace in recent weeks, the Federal Reserve said in its Beige Book report.The US economy grew at a "modest to moderate" pace in recent weeks, with the housing market and construction improving nationwide, the Federal Reserve said in a report Wednesday. The Beige Book's overall assessment of the US economy was unchanged from the June 5 report. "Overall economic activity continued to increase at a modest to moderate pace since the previous survey," said the report covering late May through July 8.