Economy grows slightly in June

KANSAS CITY — "Slight to moderate" economic growth expanded across all 12 Federal Reserve Districts in June 2017, according to the most recent Beige Book.

Most of the districts expect modest to moderate growth in the coming months, with consumer spending rising in tourism and non-auto retail sales, the publication said. However, auto sales declined in half of the districts.

Manufacturing and non-financial services grew modestly to moderately since the last Beige Book in May, and loan demand was steady to increasing.

Residential and non-residential construction was largely flat, with most districts citing low home inventory levels constraining home sales in many areas.

Employment grew at a modest to moderate pace in every district except St. Louis and Atlanta, where employment was flat, according to the report. Wages grew modestly to moderately, based on tightening labor market conditions, and prices also rose modestly in most districts, it said.

The Beige Book is a Federal Reserve System publication that characterizes regional economic conditions based on anecdotal information gathered via phone and in-person interviews and online questionnaires, according to the Fed.

Each Federal Reserve District takes turns compiling the Beige Book. The latest Beige Book was prepared by the Federal Reserve Bank of Kansas City.