By Yali N’Diaye

WASHINGTON (MNI)- The Federal Reserve’s latest survey of economic
conditions around the country found that while only one district
reported an economic slowdown, all others reported a growth pace that
was “slow to moderate.”

The so-called “beige book” survey released Wednesday reported that
“Overall economic activity increased at a slow to moderate pace since
the previous report across all Federal Reserve Districts except St.
Louis, which reported a decline in economic activity.”

Against this backdrop, price increases remained “subdued” and wages
and salaries “stable,” said the beige book, summarized by the
Minneapolis Federal Reserve Bank based on what business and banking
contacts told the 12 Federal Reserve districts through November 18.

Activity, while increasing only slowly, increased across the board,
with consumer spending up “modestly.”

Consumers increased their spending on motor vehicles in a number of
districts while “tourism showed signs of strength.”

Nonfinancial services were flat to higher since the October 19
report.

In the industrial sector, manufacturing activity “expanded at a
steady pace,” the Fed said. Energy and mining increased as well.

In the financial sector, “Overall bank lending activity increased
slightly,” the beige book said, adding that “home refinancing grew at a
more rapid pace.”

In real estate, while “sluggish” qualified activity both in the
residential and commercial segments, residential activity “increased”
amid conditions that varied across districts.

Overall, activity trends were consistent with still “subdued”
hiring, “although some firms with open positions reported difficulty
finding qualified applicants.”

While eleven of the 12 districts reported “slow to moderate”
growth, St. Louis reported declines in manufacturing activity, retail
sales, and residential real estate market activity.

Mixed activity in services and commercial real estate were not
enough to brighten the overall picture of a slowing economy since the
last report.

** Market News International Washington Bureau: 202-371-2121 **

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