WASHINGTON — Most of the twelve Federal Reserve districts reported continued modest economic growth in August and September, with healthy tourism and improved residential real estate conditions somewhat offset by mixed reports on consumer spending and manufacturing, according to the Beige Book, released by the Federal Reserve Wednesday.
"The New York district noted a leveling off in economic activity, and Kansas City indicated some slowing in the pace of growth," the report states. "In general, other districts reported that growth continued at a modest pace."
Tourism was "fairly robust" according to most district reports, though Kansas City, New York, and Dallas all noted some signs of softening. Residential real estate conditions improved since the previous report, which was very positive in that area.
"Most districts reported strengthening in existing home sales, while prices were described as steady to increasing, with declining inventories noted in the Boston, Atlanta, Minneapolis, Dallas, and San Francisco districts," according to the report. "Residential construction was also described as rising in most districts."
Consumer spending was reported as "flat to up slightly," while manufacturing conditions were "mixed but, on balance, somewhat improved since the last report."