September 3, 2008

According to the Federal Reserve Beige Book economic report release Wednesday, consumer spending is slowing. The report is based on information from 12 Federal Reserve Districts in the U.S.

Here’s a broad overview of what they said. (For more, including district detail, click here.)

Overall, reports indicate economic activity is slow and business conditions are “weak,” “soft” or “subdued.” Not all markets are seeing this, however, as Boston and New York had signs of stabilization and Kansas City has seen a slight improvement.

Auto sales are falling or steady at low levels; tourism was mixed; and demand for services has lessened. The transportation …