WASHINGTON (Sept. 5, 2013) — National economic activity continued to expand at "a modest to moderate pace" during the month of August, according to the latest "Beige Book" compiled by the Federal Reserve Bank of San Francisco.
Of the 12 Federal Reserve districts, eight characterized growth as "moderate," the Sept. 4 report said. Boston, Atlanta and San Francisco reported modest growth, while Chicago indicated that economic activity had improved, it said.
Strong demand for automobiles and housing-related goods caused consumer spending to rise in most districts, the report said, but manufacturing activity expanded only modestly.
The "Beige Book" summarizes comments received from business and other contacts outside the Federal Reserve System, and does not necessarily represent the views of Federal Reserve officials, the Fed said.