US economic growth sluggish

US economic growth drifted to a near standstill last month, according to the Federal Reserve's latest "Beige Book" summary of regional economic conditions. The central bank's report painted a bleak picture of the health of the US economy in June and July. It noted many signs of economic weakness including sluggish retail sales and reported a slump in exports as well as a spillover of weakness in manufacturing to other businesses.

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