updated 10/17/2007 2:04:39 PM ET 2007-10-17T18:04:39

The economy logged slower growth in the early fall as troubles in the housing and credit markets weighed on companies and individuals alike, the Federal Reserve reported Wednesday.

The Fed’s fresh snapshot showed that business activity around the country was more subdued but the report didn’t suggest that such activity is in danger of collapsing.

“Economic activity continued to expand in all districts in September and early October but the pace of growth decelerated since August,” the Fed survey said.

Spending by individuals was uneven and suggests growth was slower in the early fall, the Fed said. “The manufacturing and service sectors continued to expand, but growth weakened — mostly for products and services related to home construction and real-estate transactions,” the Fed observed.

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