Highlights of Fed Beige Book

• Fed sees a "slow" economy, with a "retrenchment" in spending
  
• housing weakened or remained soft in most areas
  
• material costs were up
  
• several districts noted a recent drop in commodity prices
  
• manufacturing has been weak, but may be feeling some support from exports
  
• compared to July, the labor markets are unchanged or slightly softer
  
• demand for mortgages and consumers loans is down

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