Fed Beige Book: U.S. Economy Continues Growth

The U.S. economy grew overall from mid-July to late August, the Federal Reserve said Wednesday, but five of the 12 Fed districts reported slowing growth as residential construction slackened and energy costs rose.

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The Fed, in its Beige Book summary of economic conditions, said the Boston, New York, Philadelphia, Kansas City and Dallas districts reported declines in the rate of growth, but the remaining seven districts reported little change in their pace of activity since the last report, released on July 26.

The Fed said there were widespread price increases for energy, metals and other commodities, but these did not appear to be triggering more general consumer inflation.

"Widespread increases in the prices of energy and certain other commodities persisted since the last report, though most of these increases do not appear to have passed through to finished consumer goods," the Fed said.

The report was prepared by the Federal Reserve Bank of New York based on data collected on or before Aug. 28.

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