Fed Beige Book

In its Beige Book, the Fed said nine of the 12 Federal Districts have seen a slow down in economic activity,

while three--Boston, Cleveland and Richmond--have been mixed or steady.

Consumer spending was characterized as softening across most of the country, with some Districts reporting year-over-year declines in retail and/or auto sales.

Real estate and construction were described as "anemic" for the residential sector, and slowed for commercial sector.

Financial institutions in many Districts indicated some deceleration in consumer loan demand, tightening in lending standards, and deterioration in asset quality.

Labor markets were mostly described as weakening. Business contacts across all Districts continued to report increases in input costs and output prices.

Fed Beige Book