WASHINGTON – The Federal Reserve's latest look at business conditions nationwide finds that the economy kept expanding during the summer. Housing and auto sales were two bright spots.
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However, manufacturers were starting to feel pressure from an economic slowdown in China. The oil industry was also being hit by the drop in energy prices.
The Fed says that 11 of its 12 regional banks found that the economy was growing at either a moderate or modest pace in July through mid-August. Cleveland reported just slight growth during that period.
The Fed report, known as the Beige Book, will be used for discussion when the central bank next on Sept. 16-17. The gathering will be closely watched because of the possibility it will decide to start raising interest rates.