US economy continues to rebound

However, the report noted that "among districts reporting on their firms' near-term expectations, the manufacturing outlook remained generally upbeat."

The report underscored that, even with the pace of activity largely unchanged, there were rising expectations for the next half-year.

Five districts reported that contacts "generally remained optimistic about future growth; most of the other districts cited various examples of ongoing optimism from specific sectors."

Among key indicators of activity, auto sales in some areas were hot but in others were beginning to fall from recent peaks; tourism was widely improved with higher hotel occupancy rates ; and bank lending was on the rise, though mainly for car and truck purchases.

On the other hand, home loan demand had fallen off, and home sales and construction was also largely flat.

And though a number of districts reported shortages of workers with specific skills - information technology workers, truck drivers, energy sector workers and construction workers - wages were mostly unchanged, suggesting some slack remains in the jobs market.

Likewise, the Beige Book said, inflation was tame: "Overall, price pressures remained largely unchanged."

Fed Chair Janet Yellen has repeatedly cited continued slack in employment, and little inflationary pressure, to justify the FOMC holding its benchmark federal funds interest rate at the zero level to support the economy.

The FOMC next meets to review monetary policy on September 16-17.

more