A new survey by the Federal Reserve finds the weakness spreading. Of the 12 regions tracked by the Fed, economic activity was mixed or slowed in five – New York, Philadelphia, Richmond, Atlanta and Chicago. Activity elsewhere was described as modest or pointed to positive developments.
In the Fed’s previous survey in late July, only two regions – Atlanta and Chicago – had reported slower growth.
Although the economy was still growing in late summer, there were “widespread signs of deceleration,” the Fed says.