Overall economic activity was mixed among the 12 Federal Reserve districts, the Fed said in its seventh Beige Book report of the year. Two districts reported moderate growth in economic activity, three districts reported modest growth, four reported slight growth and three reported no significant change.
Most districts reported little or no change in overall consumer spending, according to the report. Auto sales were flat or modestly lower in five of the six districts that reported. More than half of the districts noted that consumer spending was driven by high-income households.
Most districts reported that firms have maintained a positive economic outlook for the coming months. However, expectations tend to be for slight growth, weighted toward manufacturing and burdened by persistent uncertainties.
