The U.S. economy weakened in March as consumers curbed spending and businesses endured higher costs, a Federal Reserve report said today.

The Fed’s “beige book” review, which is released about eight times a year, said consumer loan demand slowed and lending standards tightened. Labor markets weakened.

The beige book is a summary of economic activity prepared with information from the Fed’s 12 district banks. Today’s report covers the end of February through early April.

“Reports from the 12 Federal Reserve Districts indicate that economic conditions have weakened since the last report,” the beige book said. “Nine districts noted slowing in the pace of economic activity, while the remaining three — Boston, Cleveland, and Richmond — described activity as mixed or steady.”

Consumer spending was seen softening across most of the U.S., but tourism was generally described as strong. Demand for transportation services was generally characterized as weak. Business and health services expanded, the report said. Manufacturing trends varied.

Reports on real-estate and construction were anemic generally for the residential sector. Activity in the commercial sector has slowed, the beige book said.

“Financial institutions in many districts indicated some deceleration in consumer loan demand, tightening in lending standards, and deterioration in asset quality,” the report said.

Labor markets were mostly described as weakening since the last report, issued March 5. A few districts reported ongoing shortages of skilled workers and some noted wage pressures.

Businesses across all districts reported increases in input costs.

“In particular, price increases were consistently reported for food products, fuel and energy products, and many raw materials,” the report said.