The Federal Reserve Board says reports from its 12 Federal Reserve Districts show that growth continued in the national economy from mid-July through the end of August, but that expansion slowed compared to preceding periods.
St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco reported modest economic growth. Boston and Cleveland showed positive growth or net improvements. But New York, Philadelphia, Richmond, Atlanta, and Chicago all had mixed economic conditions or negative results.
While manufacturing showed signs of expansion, the sector's growth slowed in several districts. Commercial real estate demand remained weak, but seemed to stabilize in some areas.
New York, Richmond, Atlanta, and Chicago reported a slow-down in the pace of manufacturing growth, with Philadelphia, Cleveland, and Kansas City reporting less demand compared to the previous reporting period.
However, activity in the auto sector grew in Richmond and held steady in Chicago. Cleveland reported a drop in that sector's activity due to factory retooling. The commercial aircraft sector also remained steady in Dallas and San Francisco, but Boston reported a slow recovery in that industry. Semiconductor makers and other high-tech industries noted sales gains in Boston and San Francisco.