The latest edition of the U.S. Federal Reserve Board’s Beige Book reports moderate economic growth in the U.S., with the housing market continuing its slowdown.

Most Federal Reserve districts reported continued moderate growth since the last report, it said. However, New York and Richmond observed that growth accelerated, whereas Dallas said the pace of activity continued to decelerate from high levels, and Atlanta described activity as mixed.

Despite continuing softness in automobile and housing-related sales, most districts reported that consumer spending increased during October and early November, and the retail sales outlook for the holiday season was cautiously optimistic. According to most reports, growth in service-producing industries remained generally solid.

Manufacturing activity was positive overall, with the weakest reports concentrated among auto and housing-related producers, it noted. “Reports on housing markets continued to indicate an overall decline in single-family home sales, and there were some reports of lower home prices,” it said. “Indicators of single-family construction continued to weaken in most districts.” However, housing demand continued to be strong in a few specific markets, and nonresidential activity generally improved, the Fed noted.

“Many districts noted a continued slowing in mortgage lending, while reports on other lending were mixed. Some districts reported a slight increase in delinquencies,” it added.

A number of districts continued to report that labor markets were tight, especially for high-skilled occupations, it said. “Wage growth remained generally moderate, although some districts gave accounts of stronger wage pressures for some specialized professions. Most districts reported that prices moderated for construction materials and energy products,” it concluded.