WASHINGTON, July 21 (Xinhua) -- The Federal Reserve said on Wednesday that the U.S. economy expanded at a moderate pace in the first half of 2010 after picking up in the second half of 2009, but economic outlook remains "unusually uncertain."

After rising at an annual rate of about 4 percent in the second half of last year, U.S. real Gross Domestic Product (GDP) increased at a rate of 2.75 percent in the first quarter of this year, and is expected to strike another moderate gain in the second quarter, the Fed said in its semiannual Monetary Policy Report to Congress.

The central bank attributed the continued recovery in economic activity partly to the inventory build-up as businesses started to rebuild stocks after the massive liquidation in the latter part of 2008 and in 2009. It also noted that growth in personal consumption expenditures and business fixed investment also drove up the economy.

In the external sector, exports continued to rebound, providing impetus to domestic production, while imports were lifted by the recovery in domestic demand.

However, the report said housing construction remains sluggish amid "weak demand, a large inventory of distressed or vacant houses, and tight credit conditions for builders and some potential buyers."
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