… but hints at Fed action to come.
From the link:
Economic growth continued at a sluggish pace over the past few weeks, the Federal Reserve said Wednesday, supporting views that the Fed might take action to spur the economy at its next policy meeting.
In its latest snapshot of regional economic conditions, the Fed reported some bright spots in manufacturing, travel, tourism and auto sales, but still saw weakness in the housing market.
The report, known as the Beige Book, summarized economic conditions in the central bank’s 12 districts across the nation. It will help set the tone for the Fed policy meeting set to take place Nov. 2-3. Investors are widely expecting an announcement of another round of asset purchases.
“The lack of meaningful improvements leaves investors anticipating additional action by the Federal Reserve to reinvigorate the economy in November,” said Kathy Lien, director of currency research for GFT, in a research note.
“If the Fed was worried about the recovery in September, they will remain worried in November as there was no major pickup in economic activity,” Lien said.