US: Economic activity expanding at a modest pace - TDS

Analysts at TD Securities note that the anecdotal evidence from the Beige Book suggests that the US economic activity "continued to expand at a modest pace" from the end of May through early July, similar to the prior period.

Key Quotes

“According to the report, manufacturing production was flat (with some districts noting a moderate improvement), while employment advanced modestly (slightly weaker than before). Remarks about trade worries were widespread in the report, which is in line with the Fed's concern regarding trade uncertainty and its possible negative impact on investment.”