Fed's Beige Book

"Economic activity continued to grow; however, the pace has moderated in many Districts. Consumer spending increased overall, with modest growth of non-auto retail sales in a majority of Districts. Activity among nonfinancial service sectors improved overall in most Districts. Manufacturing activity expanded overall, but capital spending plans were somewhat cautious. Most residential real estate activity was little changed and remained weak, although construction and activity in the residential rental market continued to improve. Price pressures moderated somewhat in many Districts, although some firms indicated that they were able to pass on some cost increases to their customers. Reports of loan demand were more mixed. Labor market conditions remained soft in most Districts. Wage pressures remained subdued."