Despite significant upset in financial markets, Federal Reserve officials believe growth is progressing.
According to the Fed's "Beige Book" of economic conditions, officials there see the economy moving at a modest-to-moderate pace, with consumer spending gaining at a slight-to-moderate pace.
Other details from the report show New York retailers optimistic, with upbeat reports on tourism and most districts showing better real estate growth. Also, banking and employment conditions are expanding. However, employers continue to report difficulty with finding skilled workers.
Wage growth remains modest, though the Fed believes price pressures will remain modest.