The Beige Book was released by the Feds this evening saying that economic activity in general has increased yet in modest paces, Atlanta and Chicago reported slowing activity though.

As for manufacturing activity, it increased since last report in almost all districts while excluding New York, Cleveland, Chicago, Atlanta and Richmond, where activity seems to have slowed down. In the Automobile manufacturing sector Cleveland, Chicago and St. Louis witnessed increased activity.

As for service sector, it improved in almost all districts while consumer spending increased but was still weak. Housing sector witnessed a slow down in all districts after the expiration of the tax credit program for first time home buyers.

Unemployment is gradually improving in most districts yet most of the improvement is only temporary hiring and staffing, wages remained unchanged the past period with nearly not existing pressures excluding the airline industry.

As for inflation it remains subdued in almost all districts, while steel, energy and transportation costs rose a little in some districts.