Overall economic activity increased modestly since early July, with 10 of the 12 Federal Reserve Districts reporting growth in the slight to moderate range and two districts reporting no change, the Fed said in the sixth Beige Book report of the year.
Financial conditions improved slightly as loan volumes remained solid or increased across most districts, according to the Fed. Consumer spending grew slightly on balance. Residential construction declined while nonresidential construction increased on balance, with some districts noting a high concentration of activity related to data center projects.
Agriculture conditions saw slight improvement but generally remained strained. The livestock sector was strong while conditions were stressed among crop producers.
The general outlook for the coming months was positive, but sentiment was mixed across sectors, with contacts reporting heightened uncertainty surrounding the effects of higher energy prices, policy and international conflict.
