Lukewarm adjectives like "modest," "conservative" and "slight" were the keywords of the Federal Reserve beige book economic forecast released Wednesday.

The analysis of 12 Federal Reserve districts found many regions reporting mixed economic results, but two districts -- Boston and Cleveland, which includes the Pittsburgh area -- showed a net economic improvement from mid-July through the end of August.

A total of five districts, including New York and Philadelphia, reported a deceleration in overall economic activity. Even sectors and districts reporting stronger numbers presented the data with a sense of very cautious optimism.

The pace of hiring for new jobs continued to drag in the Cleveland district and elsewhere, with staffing firms reporting little change in the number of new job postings.

Nationwide, consumer spending increased when compared to last quarter, but Cleveland district shoppers continued to limit purchases to "value-priced seasonal items," the report said.

Local auto dealers reported stronger sales in the past 30 days, and they are expecting sales to steady in the coming months.

Home builders nationwide anticipate slow sales in 2011, in part because of a credit crunch that continues to make securing a home loan more difficult.

In fact, it looks like many homeowners in the Cleveland district are staying put: The banking sector here reported a strong demand for mortgage refinancing plans, whereas new mortgage loans remain unpopular. Modest improvements were seen nationwide in credit quality over the past six weeks.

The prospect of natural gas reserves -- and lucrative contracts -- in the Marcellus Shale region garnered a shout-out in the report. The beige book reports large tracts of farmland in eastern Ohio attracting big-ticket offers for drilling rights.

Coal production hasn't changed since the last beige book report. Despite an unusually hot summer, utilities companies in the Cleveland district didn't appear to alter their coal purchases.

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