国际英语新闻：U.S. Fed sees economic recovery at modest pace

WASHINGTON, Oct. 20 (Xinhua) -- The U.S. central bank saw the country's economic activity continued to rise, but "at a modest pace," according to the latest Federal Reserve survey released on Wednesday.

The survey, known as the Beige Book, was based on economic information supplied by the Fed's 12 regional banks and collected during the reporting period from September to early October.

In a slightly positive tone compared with the pervious period, the central bank cited an array of economic readings to depict the current U.S. economic scenario, in which small businesses and consumers are grappling with weak confidence and stubbornly high unemployment.

"Manufacturing activity continued to expand, with production and new orders rising across most Districts. Demand for nonfinancial services was reported to be stable to modestly increasing overall," said the Fed.

Consumer spending was steady to up slightly, but consumers remained price-sensitive, and purchases were mostly limited to necessities and nondiscretionary items, according to the report.

Housing market, which triggered this round of financial crisis, remained weak with most Districts reporting sales below year-ago levels, the survey indicated.