Economy turning, says Fed report

Half of the Federal Reserve’s 12 districts saw evidence the US economy had improved by the end of August, although labour markets remained weak and retail sales were flat, a Fed report indicates.

“Most districts noted that the outlook for economic activity among their business contacts remained cautiously positive,” the Fed’s Beige Book survey said.

The modestly upbeat report said most regions reported some improvement in hard-hit residential real estate markets and an uptick in manufacturing.