The following is a brief list of it's overall (national) summary findings (using data as of August 28th):1. Economic activity continued to expand since the last report, with five district reports indicating that the pace decelerating. Regarding economic growth: some slowing in economic growth was seen in the Boston, New York, Philadelphia, Kansas City, and Dallas Districts, though Dallas still characterized growth as strong. Most other districts reported continued modest growth. Atlanta again reported it was mixed. Richmond observed slow growth, while San Francisco noted it as "solid".
2. Consumer spending increased slowly with sluggish sales of vehicles and housing-related goods. Inventory levels were satisfactory for all except automobiles.
3. Tourism was steady but relatively strong.
4. Activity in the service sector varied by district and industry, with trucking and information technology relatively strong and with mixed reports about health care and air transportation.
5. Manufacturing continued to expand in all districts, although with weakness related to automotive and residential construction.
6. Commercial real estate markets showed widespread strength.
7. The housing market showed uniform weakness. Sales were down and inventory was up.
8. Overall loan demand softened for home loans, but credit quality was still favorable.
9. Crop and livestock production was hampered by widespread drought conditions in most of the nation.
10. Energy production remained at a high level.
11. Labor markets were steady since the last report with upward pressure for workers with specialized skill..
12. Consumer spending increased modestly in most districts with some reporting flat to declining sales.
Note: This represents the national summary for ALL districts combined. The report also provides more detail on each item summarized nationally, as well as reporting by each district on all items.
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Lawrence:
The economic outlook doesn't appear that good looking at the beige book.