March 4, 2004

Economy grew in January, February

WASHINGTON (AP) -- Factories hummed and consumers kept cash registers busy in the first two months of this year, fresh evidence that the economic recovery is moving ahead, according to a Federal Reserve report released Wednesday.

"Economic activity continued to expand in January and February," the Fed said in its latest survey of business conditions around the country. However, on the jobs front, "employment has been growing slowly in most Federal Reserve districts," the report said.

The report, dubbed the Beige Book for the color of its cover, will be used as a basis for discussion when central bank policy-makers meet on March 16.