US economic activity was "soft" in October and the first half of November, with a downturn worsening in some regions, outweighing signs of recovery others, the Federal Reserve said this evening.
"Manufacturing activity weakened further, with declines in production, new orders and employment widely reported," the Fed said in its Beige Book report on the economy.
"Consumer spending was mixed -- aggressive financing incentives drove automobile and light truck sales to exceptional levels, but tourism remained weak and non-auto sales were spotty."
AFP