The latest"beige book" survey, which gathers anecdotal reports from business people and other contacts in the Fed's 12 districts, said growth had continued"at a modest pace."The report may not have reflected all of last month's sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade.
Meanwhile, consumer spending - the sole strong point in the US economy - was"mixed" outside the auto sector, demand for transportation softened, home sales"remained constrained" and housing construction was flat. Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report.