Fed Says Growth 'Sluggish' in Sept., Oct.

The Federal Reserve said Wednesday that economic growth in the United States was "sluggish in September and early October."

The Fed made its comments in its Beige Book – a report it compiles eight times a year from information compiled by its district banks.

"Retail sales were weak across the nation, including some declines in motor vehicle sales from very high levels," the Fed said. "Most districts noted that manufacturing activity had declined or growth more slowly."

The retail and manufacturing sectors are major customers of the trucking industry, and drive much of the demand for trucking services.

"'Tough,' 'stagnant' or 'sluggish' describe manufacturing conditions in many districts," the report said.

Construction continued to be a source of strength for the U.S. economy, the Fed said.

The labor markets were "lackluster," according to the Beige Book.

The report will be the last major action scheduled by the Fed until its Nov. 6 Open Market Committee when it meets to make a decision on interest rates.

This report was prepared by the Federal Reserve Bank of Minneapolis, the Fed said.