12.09.201814:11:00UTC+00Beige Book Says U.S. Economy Expanded At Moderate Pace

A report released by the Federal Reserve on Wednesday said the U.S. economy expanded at a moderate pace through the end of August.

The Fed's Beige Book is a compilation of anecdotal evidence on economic conditions in the twelve Fed districts released shortly before the central bank makes its decision on monetary policy.

The Beige Book said Dallas reported relatively brisk growth, while Philadelphia, St. Louis, and Kansas City indicated somewhat below average growth.

The report also said consumer spending continued to grow at a modest pace since the last report, and tourism activity expanded, to varying degrees, across the nation.

Looking ahead, the Fed said businesses generally remained optimistic about the near-term outlook, though most districts noted concern and uncertainty about trade tensions.

A number of districts noted that such concerns had prompted some businesses to scale back or postpone capital investment, the Fed added.

The release of the Beige Book comes as the Fed is widely expected to raise interest rates by a quarter point at its next monetary policy meeting later this month.