CHICAGO (Oct. 17, 2013) — Many of the 12 Federal Reserve districts see growing uncertainty in the U.S. economic outlook, despite continuing modest to moderate economic growth, according to the latest "Beige Book" compiled by the Federal Reserve Bank of Chicago.
The federal government shutdown and concerns over the debt ceiling debate created the uncertainty in the September-early October period, the document said. Growth slowed in Chicago, Philadelphia, Richmond and Kansas City, but remained steady in the other eight districts.
Consumer spending, business spending, payrolls, travel and tourism, and residential construction all showed moderate growth, the report said, but manufacturing and nonresidential construction grew more modestly.
Financial conditions were little changed in September and early October, and there were mixed reports in agriculture and both residential and commercial real estate, it said.
The Beige Book is a monthly compilation of economic statistics and observations gathered from business and other contacts outside the Federal Reserve. Each Federal Reserve district compiles the monthly report in turn.