NEW YORK -- The economy continued to grow at a sluggish pace through the summer months, although there are now "widespread signs of deceleration," the Federal Reserve said Wednesday in its latest snapshot of regional economic conditions.

Economic growth continued at a modest pace in 7 of the central bank's 12 districts, according to the September edition of the Fed's Beige Book.

The western districts, Boston and Cleveland were among those reporting growth, while New York, Philadelphia, Richmond, Atlanta, and Chicago all reported mixed conditions or deceleration in overall economic activity.

Despite persistently high unemployment, the Fed said consumer spending appeared to increase in most districts from mid-July through the end of August. Manufacturing activity was also stronger in most districts.

However, the Fed said home sales, which were lower in the July edition, slowed further after a popular home buyer tax credit expired in June. Commercial real estate was also weak. Fed minutes show debate on economic outlook



The Fed's toughest foe: Deflation



Obama's jobs pitch fails to dazzle Washington#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;}

More Business News