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BULLET: FED BEIGE BOOK: Most Fed districts saw modest but....>

FED BEIGE BOOK: Most Fed districts saw modest growth, but trade concerns 
continued to weigh. Employment growth modest; wage growth modest to 
moderate. Inflation modest, with impact from tariffs mixed or not yet 
felt. Majority of businesses maintained optimistic near-term outlook. 
- Manufacturing activity down vs previous report with some reports 
of flagging demand. Sector employment "flat to down;" input cost 
increases outpacing growth in prices received. Uncertainty continued to 
hamper investment decisions. 
- Agricultural conditions weak due to bad weather, low commodity prices, 
trade uncertainties.
- Consumer spending mixed, but auto sales grew modestly in most areas. 
- Home sales constrained by inventory; new construction flat. Commercial 
real estate sales steady, leasing up slightly. 
- Beige Book data gathered through Aug. 23. 

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