Beige Book Report Paints Sluggish Economy

Washington, DC, Sept. 8, 2011 -- Companies are growing more cautious in light of recent volatility in the stock market and declining consumer confidence, according a Federal Reserve survey.

The latest Beige Book report shows economic activity decelerated in the Chicago, Richmond and Philadelphia regions, and proceeded at a slow pace in other districts.

In many parts of the country, manufacturing activity slowed, the housing market remained weak and loan demand was sluggish.