The economy continued to expand modestly, although some districts reported slower growth or no change in activity, according to the latest Beige Book report, released by the Federal Reserve Wednesday.
"Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest pace on balance during the reporting period of July through late August," according to the report.
New York and Kansas City said there was "no change in activity" from the prior period and Philadelphia and Richmond said activity, while expanding, slowed. Other districts reported "modest or moderate" growth.
"Contacts across the twelve Districts generally expect moderate economic growth in coming months," the Beige Book noted.
Consumer spending was nearly flat and auto sales fell "somewhat" but stayed at "high levels."
Tourism was unchanged from the prior period, but up from a year ago. Manufacturing grew "slightly in most districts."
Residential real estate markets grew moderately, constrained in some areas by a dearth of available homes, while commercial real estate also expanded.
"Demand for business and consumer credit varied across Districts but appeared to expand at a moderate pace overall, with stable credit quality," the report said
"Labor market conditions remained tight in most Districts, with moderate payroll growth noted in general," according to the Beige Book. "Upward wage pressures increased further and were moderate on balance, with more rapid gains reported for workers with selected specialized skill sets. Price increases remained slight overall."
