US firms say near-term outlook dimming amid slow growth: Fed

A screen displays the U.S. Federal Reserve interest rates announcement as traders work on the floor of the NYSE in New York. (File photo: Reuters)

Less than stellar US growth in recent weeks has caused many businesses to revise their outlooks and they now expect activity to weaken, the Federal Reserve said Wednesday.

“The US economy expanded at a slight to modest pace... as business activity varied across the country,” the central bank said in its beige book report on the economy.

“Business contacts mostly expect the economic expansion to continue; however many lowered their outlooks for growth in the coming six to 12 months.”

Last Update: 06:54 KSA 09:54 - GMT 06:54