The Federal Reserve Board's latest Beige Book reports that economic conditions have generally improved modestly since the last report. Eight districts indicated some pickup in activity or improvement in conditions, while the remaining four--Philadelphia, Cleveland, Richmond, and Atlanta--reported that conditions were little changed and/or mixed.

Auto sales generally improved since the last report, in some cases rebounding from a brief dip after the Cash-for-Clunkers program ended.

Increased vehicle sales were reported from New York, Philadelphia, Richmond, Chicago, St. Louis, and Dallas, while sales were described as flat or mixed in the Cleveland, Minneapolis, Kansas City, and San Francisco districts. A number of districts reported that used vehicles have been selling better than new ones.

Financial institutions generally reported steady to weaker loan demand, continued tight credit standards, and steady or deteriorating loan quality.