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U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says
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The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of Covid-19 disrupted businesses and held back consumer spending, the Federal Reserve said Wednesday.
The Fed’s periodic compilation of business anecdotes from around the country, known as the beige book, provided the latest evidence that the pandemic dealt a setback to economic recovery in recent months, the report said. Millions of workers called in sick in January. Companies also cited severe winter weather as a disruption.
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