WASHINGTON — US economic growth picked up a bit as summer ended and fall began, supported by modest hiring, an uptick in consumer spending, and steady home building, according to the Federal Reserve.
The Fed’s ‘‘Beige Book’’ survey of economic conditions in its 12 regional bank districts, released Wednesday, found that growth was modest or moderate in eight districts, slight in three, and flat in the New York district. That was an improvement from the September survey, which found that growth weakened in two districts and was unchanged in two.
The mild improvement could encourage Fed policy makers to raise short-term interest rates before the year ends.
Hiring was steady across most of the country, though there were layoffs at factories in the New York, Philadelphia, Cleveland, and Richmond districts. Steady job gains lifted wages in most districts.
The Beige Book’s broad picture of a modestly improving economy is consistent with most economists’ estimates that pending data will show growth quickened in the July-September quarter. The economy most likely grew at a 2 to 2.5 percent annual pace, most analysts have forecast. That would be up from a tepid 1.1 percent in the first half of the year.
The eight-times-a-year Beige Book report is based on discussions with business leaders in each region. The latest one will be considered at the Fed’s next meeting, on Nov. 1-2. Wednesday’s report covered the period from late August through Oct. 7.
Fed policy makers in November will again weigh whether to raise the short-term interest rate that they control. Most analysts expect them to stand pat and wait until after the election to make any moves. If the economy keeps growing, economists expect the Fed to hike the rate in December.
The rate was pinned at nearly zero for seven years during the Great Recession and a slow recovery. The Fed increased it to between one-quarter and one-half of a percentage point last December.
The survey found that employers reported offering higher pay for many skilled workers in industries such as construction, manufacturing, health care, and information technology.
But similar pressures also appeared in lower-skilled industries: Retailers and tourism operators in New England were forced to raise wages to attract workers, the Boston district said.
The Richmond district said businesses were struggling to find construction workers, hotel and restaurant staff, farm hands, engineers, and managers.
Consumer spending was healthy overall. Sales of luxury goods were strong in the San Francisco district. Attendance at Broadway theater shows in the New York district rose in September and was higher than a year ago.
Auto sales were flat or declined in about half the regions. Yet they grew in other districts, including St. Louis and San Francisco.