U.S. growth slowing down: Federal Reserve

Economic growth slowed in much of the United States in June and early July, the Federal Reserve said in a report on Wednesday that cast doubt on a pickup in activity in the second half of the year.

The Fed's Beige Book summary of economic conditions across the country said eight of the nation's 12 Fed districts reported moderating growth. The Fed report and data showing weak business spending plans in June suggested a tepid recovery is not gaining momentum as economists had anticipated.

"Economic activity continued to grow; however, the pace has moderated in many districts," the Fed said.