The Wednesday afternoon release of the "beige book" from the Federal Reserve showed 10 of the 12 district banks reporting slight to moderate economic growth, with two districts showing flat growth. The government shutdown in late-December/early January weighed a bit on the U.S. economy, as has the harsh winter weather in some regions of the country.
U.S. manufacturers are worried about global demand weakening, due in part to the U.S./China trade dispute.
Residential construction has been mostly steady, but home sales have slipped, the district banks said.
The U.S. labor market remains tight, with worker shortages curbing employment growth in some areas. Wages are on the rise, but only modestly to moderately, the beige book reported.
The report had little impact on the markets.