9/7/2011 3:30:00 PM
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The U.S. economyâ€™s growth slowed in some regions of the country in July and August on tighter consumer spending and factory production, the Federal Reserve said Wednesday.
â€œEconomic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity,â€� the Fed said in its â€œBeige Bookâ€� survey, issued eight times a year.
The transportation industry in the Chicago area remained a source of growth, with automobile and heavy truck production holding steady.
â€œDemand for heavy equipment increased considerably and export activity was robust, with heavy machinery and autos leading the way,â€� the Fed said.
Atlanta district trucking companies reported improved revenues and a moderate pickup in freight volumes through August compared with a year ago.
Most districts reported sales of new automobiles and light trucks were largely stable or rose slightly, and contacts were optimistic for stable sales or slight growth for the rest of 2011.
Economic growth was modest in the five western Districts of St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco, while Boston and Cleveland also showed net improvements.
The remaining districts â€” New York, Philadelphia, Richmond, Atlanta, and Chicago â€” all showed mixed conditions or deceleration in overall economic activity.
Wednesdayâ€™s report, which covered the period of July 16 through Aug. 30, was prepared by the San Francisco Fed.
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