Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest to moderate pace during the reporting period of early July through late August. Eight Districts characterized growth as moderate; of the remaining four, Boston, Atlanta, and San Francisco reported modest growth, and Chicago indicated activity had improved.
Manufacturing activity expanded modestly during the reporting period. Kansas City noted a slight contraction in the previous reporting period but indicated that manufacturing activity had expanded moderately in recent weeks. Cleveland and Minneapolis also reported a moderate expansion, although Minneapolis specified that the pace of growth was uneven across District states. Atlanta noted a decrease in the pace of growth as indicated by modest decreases in new orders and production.