The US Federal Reserve's beige book shows the uncertainty of the general election is weighing on some US business sectors.  But it also says nearly all regions in the world's largest economy continued to expand at a modest pace.

Uncertainty ahead of the US election is delaying some business decisions and caused some subdued demand for loans and leasing. The strength of the US dollar also held back exports of manufactured goods.  But most experts and business insiders surveyed in the report still hold that outlooks were mostly optimistic.

Observers say the Fed is not expected to hike rates in advance of the November vote and an increase is more likely at the Fed's final meeting of the year in December.