The U.S. economy continues to expand at a modest pace, with weaker activity in some districts, the Federal Reserve said on Wednesday.
In its latest economic performance survey, the central bank saw "either modest or slight expansion" in districts including St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. But growth in other districts including New York remained sluggish or more slowly.
The survey, known as the Beige Book, was based on economic information supplied by the Fed's 12 regional banks and collected during the reporting period from mid July to Aug. 26.
The Fed said that recent stock market volatility and increased economic uncertainty had led many districts to downgrade or become more cautious about the near-term economic outlook.
