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Fed Beige Book notes weakness in Mid-Atlantic states

July 18, 2012: 2:24 PM ET

Most of the Federal Reserve's 12 districts reported economic growth continued at a moderate pace in June and early July.

The Federal Reserve's Beige Book notes that more regions of the country have started slowing recently.

The report paints a picture of a "modest to moderate" recovery in June and early July, with better news coming from the housing market in particular. But one pocket of the country including the region surrounding New York, Pennsylvania and Ohio saw economic growth slow recently, the report said.

Previously, only the Philadelphia region had been slowing.

The bright spot came as home sales and construction increased recently, suggesting the housing market may finally have reached its bottom and is about to recover.

Meanwhile, retail sales rose everywhere but in the Fed's Cleveland, New York, and Boston districts.

The job market remained a weak spot though, as hiring grew at a "tepid" pace in most districts.

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