The US economic growth in most parts was modest in the early spring despite sluggish manufacturing largely due to the housing slump, while prices were generally stable, the Federal Reserve said on Wednesday in its latest survey of the national economy. However, a sluggish speed in manufacturing in most areas was equalized by generally positive retail sales, while the housing market continued to restrict the economic growth, according to the Fed’s regional survey, known as the Beige Book for the color of its cover. The report, which will be used by the central bank at its May 9 monetary policy meeting, emphasized numerous areas of weakness in the US economy in the six weeks since the previous report. The book said, ‘Most Federal Reserve districts noted only modest or moderate expansions in economic activity since the previous report’. However, the study held that figures coming from the Fed regional banks in New York and Minneapolis ‘reported steady and firm growth,’ and the Dallas Fed ‘characterized growth as moderately strong.’ The report indicated that the residential real estate activity continued to destabilize, with sales sliding alarmingly in many districts and flat in a number of others. Many districts have also reported moribund homebuilding activity. However, commercial real estate markets continued to be comparatively active, with several reports of robust commercial construction activity. In the meantime, several districts reported little or no growth in overall lending activity, but San Francisco witnessed generally solid loan demand. The report further noted, ‘Reports of weakening residential mortgage activity continued to offset reports of increases in commercial and industrial lending.’ Manufacturing activity in most parts of the US was sluggish with many reports of weakening among manufacturers that support the residential construction sector," the Beige Book said. However, this was to some extent compensated by generally positive consumer spending and retail sales in most regions. On the inflation front, the Fed said that continuing tight labor market conditions that are leading to some wage pressures but other prices generally were steady except for energy costs. The report appears to be consistent with projections from various private economists of a slowing in the world’s biggest economy.