Latest Fed report notes economic growth

Northwestern Financial Review, Oct 1-Oct 14, 2005

Economic activity increased across the nation from mid-July through August, except in pockets of the Northeast, according to the Federal Reserve's latest "Beige Book" report. Growth was widespread as retail sales, services, finance, construction, manufacturing, mining, energy and tourism all expanded.

A few Districts reported softening in residential real estate markets, albeit from still brisk levels of activity, while commercial real estate markets strengthened in most areas. Lending activity increased, and credit quality was stable. In the Minneapolis District, reports of employment increases outweighed reports of employment declines. Meanwhile, wages grew moderately. Significant price increases were noted in fuel and certain construction materials. In the Chicago District, consumer spending continued to increase gradually, and business spending and hiring expanded at a modest pace.