The U.S. Federal Reserve says the country's economy is expanding at a modest pace.
That's according to the Beige Book, which is a report on the U.S. economy based on reports from the Fed's 12 regional banks, released on Wednesday.
This is a similar evaluation as in June and July, and is in contrast to April's evaluation that said the economic activities grew at a "slight-to-moderate pace."
The report also explained that manufacturing was down slightly from the previous period.
Despite the prolonged uncertainties over tariff and trade policies, the central bank said most U.S. businesses remained optimistic about their prospects.
Meanwhile, the U.S. trade deficit narrowed slightly in July, according to the Commerce Department on Wednesday.
It said U.S. exports increased in July to 207.4 billion U.S. dollars, 1.2 billion dollars more than in June, while imports dropped 400 million dollars from the previous month to stand at 261.4 billion dollars.
Analysts say this is due to a decrease in demand for capital goods driven by America's sluggish manufacturing industry.
Imports from China, the prime target of President Trump's trade offensive launched last year, fell 1.9 percent to 39 billion dollars, the lowest level since April.
Kim Hyo-sun, Arirang News.