The U.S. "economy expanded at a modest to moderate pace," according to the Beige Book, which was released by the Federal Reserve on Wednesday.
Activity in Cleveland, Richmond, Dallas, Chicago and parts of the Boston district grew at a moderate pace, the report said, while the rest of the country saw modest growth.
The report covers early January through mid-February.
"Consumer spending expanded modestly since the last report," the report noted. "Retail sales increased at a subdued pace across most of the nation, with a number of Districts noting an ongoing shift from in-store to internet purchasing."
While up in most districts, auto sales "varied widely."
Tourism "was mixed," but generally stronger. =
Moderate growth was reported in the manufacturing sector in most districts, an accelerated pace from the previous report.
"The energy sector showed modest growth in early 2017, and transportation activity was steady to somewhat higher across the nation," the report said. "Home construction and sales continued to expand modestly in most Districts, while residential rental markets were mixed. Home prices were steady to up modestly in most Districts, and a number of Districts noted low inventories of existing homes. Commercial real estate construction grew modestly, and sales and leasing activity grew moderately."
Lending was termed "steady to somewhat higher."
