Fed's Beige Book finds some slowing in the economy due to stronger dollar

The Federal Reserve's Beige Book indicated some slowing in the economy, with two of the 12 districts reporting that the pace of growth had slowed from mid-August until early October and one noting an overall decline in activity. The strong dollar was seen as a headwind for manufacturing as well as tourism spending. The survey found that six districts reported modest growth, while three described growth as moderate. Two more simply said activity increased. The Beige Book, which is a collection of anecdotes about the economy, reported moderate consumer spending, generally weaker manufacturing, improving conditions for real estate, increased lending activity and tighter labor markets. Wage pressures were mostly subdued after reports of higher pay in the August report.. The Beige Book will be used by the central bank in deliberations for the October interest-rate-setting meeting.

• Number districts and strong dollar was restrained manufacturing
• Dollar was also restraining tourism
• Consumer spending grew moderately
• Vehicle sales grew more strongly than non auto sales
• Wage gains mostly subdued.
• Reports of increase wage pressure largely among highly skilled workers.
• Prices remained fairly stable.
• Philadelphia district noted relatively more growth in part-time and temporary work compared with full-time positions.
• Pace of growth slowed in Richmond Chicago since last report.
• New York Philadelphia, Cleveland, Atlanta, Chicago, St. Louis see modest growth
• Minneapolis Dallas in San Francisco fed districts moderate
• Labor markets tightened and most districts.
• Consumer spending grew moderately since last.
• Home sales prices increasing in almost all districts.
• Banking financing generally positive with lending up
• Manufacturing was weaker to mixed
• Shortages reported mainly for skilled labor 

Most interesting seeing the Fed talk the dollar down...