AlHijjah 11, 1434, Oct 16, 2013, SPA -- The U.S. economy was growing at a modest pace in September before parts of the federal government shut down this month, slowing growth as businesses grew concerned about a budget impasse, the Federal Reserve said in a report Wednesday. Overall, the economy continued to expand at a "modest to moderate" pace, with eight of the 12 Fed districts reporting the same growth rate as in August through early September. But four districts said growth had slowed, the central bank said in its "beige book" report. Businesses around the country remained optimistic about the future, and consumer spending continued to increase, helped by strong auto sales. But many businesses noted greater uncertainty because of the federal shutdown, which began October 1, and a looming deadline to raise the federal borrowing limit. Senate leaders announced Wednesday they had a deal to avert a threatened Treasury default and reopen the government after the 16-day shutdown. The House of Representatives was expected to approve the measure, too, leading many to anticipate passage in both chambers of Congress before the end of the day.
