US economic activity changed little since early September: Fed's Beige Book

By Ovunc Kutlu

ISTANBUL (AA) - Economic activity in the US has changed little since early September, according to a Federal Reserve report released Wednesday.

"Most Districts reported declining manufacturing activity," said the Fed's Beige Book, which gathers information on current economic conditions from the central bank's 12 districts across the nation.

"Activity in the banking sector was generally steady to up slightly, and loan demand was mixed, with some Districts noting an improvement in the outlook due to the decline in interest rates," it added.

While reports on consumer spending were mixed, housing market activity has "generally held up" with inventory resuming to expand in much of the US, and home values largely holding steady or rising slightly, according to the report.

"Home prices edged up in many Districts, while rents were reported to be steady or down slightly," it added.

Inflation continued to moderate with selling prices reportedly increasing at a slight or modest pace in most districts, said the report.