U.S. economic activity expanded further in June and early July, the Federal Reserve said Wednesday, as slower housing markets were offset by gains in manufacturing and commercial real estate.
In the Fed's Beige Book summary of anecdotal economic conditions, seven Fed districts reported the pace of growth as "moderate" or "modest", while others said conditions were "moderating," "decelerating," "mixed" or "varied."
Only the Philadelphia district noted that economic conditions had improved.
The observations come on the heels of a trade group report that showed sales of existing homes fell for a fourth straight month in June as all sections of the country showed weakness.
The National Association of Realtors reported that sales of existing homes dropped by 3.8% in June to a seasonally adjusted annual rate of 5.75 million units, the slowest sales pace in 4 1/2 years.