Washington, DC (KROC-AM News) - The latest Beige Book report from the Federal Reserve indicates economic growth in the region administered by the Minneapolis Fed Bank has been downgraded from moderate to modest.

The report covers the the past month and a half and found increased activity in consumer spending, commercial construction and commercial real estate, residential construction, along with professional services. The data on the tourism and residential real estate sectors were mixed, while activity in the manufacturing, energy, mining and agriculture sectors were down.

The report also shows labor markets tightened, but wage pressures were moderate and price pressures remained low.

The Minneapolis Fed’s district covers Minnesota, the Dakotas, Montana, along with portions of northern Wisconsin and Michigan.