Economic Growth Rebound: Ten Districts Report Expansion Since July

The Federal Reserve's Beige Book report shows that U.S. economic activity has increased slightly since early July, with ten out of twelve districts reporting 'slight' to 'modest' expansion.

Consumer spending rose modestly, but auto sales were sluggish due to weak consumer confidence, high fuel prices, and elevated financing costs.

Manufacturing showed signs of recovery in most districts, driven by robust orders for defense and data centers. Non-residential construction also increased, with data center-related projects contributing significantly.

However, residential construction declined. Employment growth was marginal overall, but labor demand remained strong in manufacturing, construction, and some service sectors.