According to the most recent Beige Book from the Federal Reserve, the U.S. economy expanded across most regions from July to mid-August, with manufacturing experiencing largely positive results.

Of the 12 districts, 10 reported stable or positive growth in the manufacturing sector, with only two &emdash; New York and Kansas City &emdash; noting declines. Increased auto sales in Cleveland, Richmond and Chicago drove auto-related manufacturing up, while the aerospace sector was a strong driver in manufacturing in the Chicago, Dallas and San Francisco districts.

The construction industry also boosted manufacturing rates, as demand for machinery and other construction related goods increased in Boston, Philadelphia, Cleveland, Chicago and Minneapolis.

Despite the strong showing in the segment, there are causes for concern. Falling energy prices, a strong dollar and the Chinese slowdown led to lower demand for machinery in Cleveland, wood products in San Francisco, chemicals in Boston and high tech goods in Dallas.

In the banking and finance segment, the Fed said results were mostly positive during the reporting period. Overall loan demand increased in all districts except Chicago (mixed) and Kansas City (steady). Additionally, commercial and industrial loan demand improved or remained steady in half of the reporting districts. However, bankers in some parts of Atlanta noted a slowdown in lending in the energy sector.

Access the full Beige Book from the Federal Reserve here.