Economic conditions in the United States remained weak in the early summer, but there were signs of stabilizing in some regions of the country, the Federal Reserve (Fed) said on July 29 in its latest survey on business conditions around the nation.
The snapshot of economic conditions found that most districts "indicated that the pace of decline has moderated since the last report or that activity has begun to stabilize, albeit at a low level."
Meanwhile, five districts used the words "slow", "subdued" or "weak" to describe activity levels.
The survey, known as Beige Book, was based on economic information supplied by the Fed's 12 regional banks and collected before July 20, and struck a slightly more positive tone than the last report, which was released in early June.
The manufacturing sector remained subdued but was slightly more positive than in the previous Beige Book, the latest survey found.
Consumer spending in the early summer remained below previous-year levels in most Districts, as households continued to be price conscious. And district reports regarding non-financial services industries were largely negative, although they included a few bright spots.
In addition, labor markets remain slack, with most sectors either reducing jobs or holding them steady and aggregate employment continuing to decline, according to the survey.
The survey summarizes comments received from business and other contacts outside the Fed and is not a commentary on the views of Fed officials.
But its findings will figure into discussions when Fed policymakers meet to consider their stance on interest rates and other monetary issues on Aug. 11-12.
