WASHINGTON — Reports from most of the twelve Federal Reserve Districts indicated that overall economic activity continued to experience moderate growth in July and early August, though the much of it is slow and certain sectors saw reverses, according to the Beige Book, released Wednesday.

"Six Districts indicated the local economy continued to expand at a modest pace and another three cited moderate growth; among the latter, Chicago noted that the pace of growth had slowed from the prior period," the Beige Book summary states. "The Philadelphia and Richmond Districts reported slow growth in most sectors and declines in manufacturing, while Boston cited mixed reports from business contacts and some slowdown since the previous report."

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