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The Federal Reserve Districts reported moderate economic growth through the end of August, according to the latest Federal Reserve Beige Book released Wednesday. However, most districts noted concern over trade tensions.

"The Fed's latest report continues to point to business anxieties over tariffs," said NAFCU Chief Economist and Vice President of Research Curt Long. "But with a strong labor market putting consumers in position to drive the economy, the recovery remains on stable footing. Another rate hike is sure to come later this month, and another in December looks likely."

Also of note from the Beige Book:

• Home construction activity was up slightly but with mixed results; home sales softened due to reduced demand and low inventories, among other reasons.
• Labor markets continue to tighten as most the districts reported labor shortages.
• Most districts reported that prices of final goods and services rose at a modest to moderate pace while noting some signs of a deceleration. Tariffs were reported to be a contributing factor to rising input costs – especially for manufacturers.

The Federal Open Market Committee – the Federal Reserve's monetary-policy setting arm – is slated to meet Sept. 25-26 during which a quarter-point rise in the federal funds target rate is expected.