Fed notes recovery remains mixed

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WASHINGTON, Aug. 29 (UPI) -- The U.S. Federal Reserve said Wednesday the economic recovery was mixed across the country in July and early August.

The Fed's Beige Book report, an eight-times per year report named after the color of its cover, said six of the 12 Fed banking districts reported growth occurred at a "modest" pace, while growth proceeded at a "moderate" pace, in three other regions, including Chicago, where the increase was slower than in the previous reporting period.

In the final three districts, the Philadelphia and Richmond areas reported "slow growth in most sectors and declines in manufacturing," the Fed said.

In the final district, Boston, the economy was said to include "mixed reports from business contacts and some slowdown since the previous report."

On the positive side, "most districts" reported gains in the retail sector, although the gains were slight in the Cleveland, Chicago, St. Louis, Dallas and San Francisco areas.

In addition, Boston, New York, Richmond, Atlanta, Minneapolis and San Francisco reported solid growth in the tourism sector.

The pace of manufacturing was mixed. Around Boston, Chicago, Kansas City and San Francisco, demand and sales rose, "although the improvement was generally small and uneven."

Six other districts reported demand for manufactured goods declined.

Considering future business, firms in six federal districts indicated that manufacturers were expecting demand to increase.