WASHINGTON, Nov. 29 (UPI) -- The U.S. Federal Reserve said Wednesday most of its districts reported continued moderate economic growth this month.
However, the bank's New York and Richmond districts reported accelerated growth, whereas Dallas said growth was easing and Atlanta described activity as mixed.
Despite continuing softness in automobile and housing-related sales, most districts reported consumer spending increased during October and early November, and the retail sales outlook for the holiday season was cautiously optimistic. Growth in other service-producing industries remained generally solid.
Manufacturing activity was positive overall, with the weakest reports concentrated among auto and housing-related producers.
There was an overall decline in single-family home sales, and there were some reports of lower home prices. Indicators of single-family construction continued to weaken in most Districts. However, housing demand continued to be strong in a few specific markets, and non-residential activity generally improved. Many districts noted a continued slowing in mortgage lending while reports on other lending were mixed.
Wage growth remained generally moderate, although some districts gave accounts of stronger wage pressures for some specialized professions. Most districts reported that prices moderated for construction materials and energy products.
