Reports from the twelve Federal Reserve Districts in the central bank's latest Beige Book report indicated that economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.

Manufacturing activity, which had been one of the few drivers of growth during the recovery, slowed in many regions. The New York, Philadelphia, and Richmond Districts reported declining activity overall, and contacts in the Boston and Dallas Districts noted slowing demand from European customers. Cleveland said factory production was stable, and manufacturing activity in the Atlanta and Chicago Districts grew at a slower pace. Minneapolis, Kansas City, and San Francisco reported slight expansions, and St. Louis said activity continued to increase and that several manufacturers planned to open plants and expand operations in the near future. Most manufacturing contacts were less optimistic than in the previous survey; however, future capital spending plans were solid in a few districts.

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