WASHINGTON—The Federal Reserve said Wednesday that the economy was growing at a modest pace at the end of 2021 but was still being held back by ongoing supply-chain disruptions and labor shortages.
In its latest survey of business conditions around the country, the Fed said its 12 regional banks found that the economy was continuing to grow. But many regions reported a sudden pullback in spending on leisure travel, hotels, and restaurants because of the spread of the Omicron variant of the coronavirus.
