"Pace of econ activity slowed somewhat since the last report"; 5
Eastern Dists noted weakening, Chi said it was sluggish, and KC said
it moderated. Consumer was sluggish, mfg declined though exports
remained high. There was further credit tightening and mixed demand in
services. Price pressures were elevated or increasing due to imports,
esp oil. Wage pressures are limited. Most dists said labor mkts were
unch to slightly weaker. Book was compiled by KC Fed based on data
gathered on/before July 14. May's book said "economic activity remained
generally weak" so the latest represents a worsening.