The US Federal Reserve says that while US economic activity is still growing, a recovery has lost steam in some areas of the country over the past few weeks.
The Fed's latest Beige Book summary of national economic conditions, based on information before July 19, pointed to a less than booming recovery with sluggish housing markets and sales of costly items like new cars weakening.
'Among those districts reporting improvements in economic activity, a number of them noted that the increases were modest, and two districts, Atlanta and Chicago, said the pace of economic activity had slowed recently,' the Fed said.
