The economy may be returning to health - but it is doing so at a deliberate pace.
According to the Federal Reserve's latest Beige Book survey of economic conditions, several key indicators trended upward in the seven weeks since the Beige Book was last released.
Manufacturing activity continued to rise in most Fed districts; service-sector activity increased, too. The energy markets picked up steam, while labor market conditions improved in several districts. Goods and services prices - as well as those of raw materials - remained largely unchanged.
Yet not all was rosy in the nation's economic picture. Auto sales slumped across the country - car sales fell 2.3 percent sequentially in June, according to Commerce Department data released two weeks ago - and the housing market continues to be torpid.
Most economists say a speedy recovery won't occur without sustained job creation. The White House is pushing a small-business aid package in a bid to stimulate job growth; President Barack Obama spoke in favor of small-business tax relief July 28 in New Jersey.
Small businesses are responsible for 65 percent of net private-sector job creation, according to the Small Business Administration.
