Economic activity continued to stabilize in July and August, according to the Federal Reserve’s beige book, released yesterday.

The majority of the districts reported flat retail sales, with some noting that retailers continued to manage inventories. Most districts did report a boost from the cash-for-clunkers auto program.

Most reported some improvement in residential real estate, though downward pressure on prices remained.

Commercial real estate demand remained weak. Loan demand remained weak and many districts reported tight credit standards.

Most reported improvements in manufacturing production. Wage pressures remained minimal across all districts, while  consumer prices were steady in most districts.

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