The economy continued to expand at a slow to moderate pace across most of the nation, though the St. Louis region said the economy slowed, according to the "beige book," which was released by the Federal Reserve Wednesday.
St. Louis said manufacturing fell, while services sector activity was mixed.
Modest gains in consumer spending were reported, with motor vehicle sales rising in "a number of districts," and tourism showing signs of strength.
"Business service activity was flat to higher," while manufacturing "expanded at a steady pace" in most districts.
A slight increase in bank lending was reported, with home refinancing picking up. "Changes in credit standards and credit quality varied across districts," the report noted.
Residential real estate "generally remained sluggish," while commercial real estate was termed "lackluster."
"Single-family home construction was weak and commercial construction was slow," according to the report.
Hiring stayed "subdued," as some firms had "difficulty finding qualified applicants." Wages and salaries were stable.
Price increases were "subdued, and some cost pressures were reported to have eased."
