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Economy Expanded Moderately, Fed's Beige Book Reports

The economy continued to expand moderately across all 12 Federal Reserve Districts, according to this month's Beige Book release from the Fed. Boston, New York, Philadelphia, Minneapolis, and Richmond all reported moderate growth. Cleveland, Atlanta, Chicago, St. Louis, Kansas City, and Dallas recorded modest to moderate growth. And conditions in San Francisco "firmed further."

Manufacturing, retail, and nonfinancial services all performed better than financial services and real estate across the districts. Manufacturers reported strong gains in orders, particularly in Richmond and Chicago. But Boston, Atlanta, and Dallas manufacturers said business was weak for sales into the construction sector.

Cleveland, Atlanta, Chicago, and Kansas City saw production levels rise, but Philadelphia said new order flow was "erratic."

Financial conditions across districts were mixed, with Philadelphia and Richmond showing improvement, but St. Louis and Dallas remaining somewhat weak.

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