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\nSINCE THE PRIOR BEIGE BOOK, two of the twelve Federal Reserve Districts reported moderate growth in economic activity. Three Districts reported modest growth, while four reported slight growth, and three reported no significant change. Robust, broad-based growth in manufacturing led the moderate growth reported in the Dallas District. While not as robust, another six Districts reported modest to moderate growth from their manufacturing firms. The remaining five Districts noted little or no manufacturing growth. Reports on other sectors indicate little growth overall. Most Districts reported little or no change in overall consumer spending. Automotive industry contacts noted flat to modestly lower sales in five of the six Districts that reported. Over half of the Districts noted that consumer spending was driven by high-income households. Even in Dallas, where District firms reported solid retail sales, there were \u201csome reports of lower-income customers being more cautious with spending.\u201d Tourism continued to grow, but firms in the Boston, Minneapolis, and San Francisco Districts noted a decline in sales from Canadian tourists. Overall, most Districts reported that firms have maintained a positive economic outlook for the coming months. Expectations generally point toward slight growth, concentrated in manufacturing and constrained by persistent uncertainty …
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