The US economic outlook has become "cautiously optimistic", according to the latest issue of the Federal Reserve's influential¹ Beige Book.

在美国联邦储备局具有影响力的黄皮书作用下，美国经济前景“谨慎地乐观”。

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US retail spending remains weak

Five of the 12 districts surveyed said there were signs of improvement, with five showing signs of stabilisation since the last report in July.

Overall, economic activity "continued to stabilise", the report said.

Many economists⁴ believe the US economy has bottomed out and is slowly starting to recover.

The mildly upbeat report had little impact on stock markets.

Weak demand

Most regions reported some improvement in residential⁵ property markets, despite "downward pressure on home prices".

They also reported "modest improvements" in the manufacturing sector⁶.

But the report also found that retail sales in the majority of districts remained flat.

This is particularly important in the US where consumer spending accounts for about two-thirds of overall economic activity.

It also found that demand for commercial property remained weak and that demand for loans was subdued⁷（屈服的，柔和的） - figures released on Tuesday showed that US consumers slashed⁸ their borrowing by a record amount in July.

The Beige Book, compiled eight times a year and used to help set interest rates, is based on a survey of business views from around the US.