The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) stated “activity increased in September through early October, with the pace of growth split between modest and moderate”. The previous report stated “expanded at a modest to moderate pace across all twelve Federal Reserve Districts in July and August“.

Analyst Opinion of this month’s Beige Book

Seems like the rate of growth marginally was unchanged from the last report.

Please see the end of this post for words the Federal Reserve uses when the economy is entering a recession. The Beige Book completely missed the 2001 recession, and was late in seeing the Great Recession.

This report was prepared at the Federal Reserve Bank of Minneapolis based on information collected on or before October 6, 2017. The summary for this release: