Beige book from the Federal Reserve offers picture of US economy that's still afloat, despite decelerating improvement.
OK, US economic growth is not all snap, crackle, and pop.
It's more like cereal five minutes after you add the milk: soggy but still afloat.
"Economic growth at a modest pace was the most common characterization of overall conditions," the report summarized, "but with widespread signs of a deceleration compared with preceding periods."
Pessimists could find plenty to complain about. Five of the Fed's 12 districts reported mixed conditions or decelerating growth during the period from mid-July through August. All of those districts were in the eastern half of the United States: New York, Philadelphia, Richmond, Atlanta, and Chicago.