The economy in most parts of the country grew at a moderate pace in July and August, driven by gains in housing activity, consumer spending and automobile sales, according to the Federal Reserve's Beige Book report. The anecdotal report noted improvements in the sale of existing homes, but construction of single-family houses is struggling in San Francisco and the Kansas City district because of a shortage of construction workers and building materials. Modest growth has been seen in the tourism and manufacturing sectors, but lending activity slowed, the report said.

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