The Federal Reserve's Beige Book, published on July 18, said that growth had continued at a "modest to moderate" pace in June and early July, with prices stabilising in all districts.

Most Fed districts reported that manufacturing had continued to expand, housing sales and construction increased and retail sales increased slightly. The report said that input prices had stabilised in all districts, with modest wage pressures and easing prices in many areas. "Employment levels improved at a tepid