Economic activity increased slightly from late May through early July, with five Federal Reserve districts reporting slight or modest gains, five with flat activity and the remaining two experiencing modest declines in activity, according to the fifth Beige Book report of the year.
Economic uncertainty remained elevated, contributing to ongoing caution by businesses, according to the report. Loan volume increased slightly in most districts. Construction activity slowed somewhat, constrained by rising costs in some districts. Home sales were flat or little changed in most districts, and nonresidential real estate activity was also mostly steady. Activity in the agriculture sector remained weak. Energy sector activity declined slightly, and transportation activity was mixed.
