Beige Book: U.S. Economy Continues To Improve

(RTTNews) - Economic activity has improved along with the labor market across the United States, according to the Federal Reserve's Beige Book report.

The Beige Book, published eight times a year, is compiled by the Fed as a collection of anecdotal data on the condition of the U.S. economy.

All twelve of the U.S. Fed districts reported growth since June, and only two districts, Boston and Richmond reported a slightly slower pace of growth during that time.

Overall, the economy is expanding at a "modest to moderate pace," helped by rising consumer spending and gains in manufacturing.

All districts also reported job growth as the national unemployment rate dropped to 6.1 percent in June.

Looking ahead, most districts were optimistic about the outlook for growth.

On the slumping housing market, reports on real estate activity varied. Many Districts reported increasing home prices, but demand was mixed. Boston, New York, and St. Louis reported home sales were below year-ago levels.