Economic activity in the Greater Boston region recently expanded at a modest to moderate pace amid signs of slowing growth, according to the latest observations of the Federal Reserve Bank of Boston.

“Retailers reported moderate increases in sales, and tourist activity was strong,” the Fed wrote Wednesday in its latest Beige Book, which is based on information gathered from banking and business contacts. “Most manufacturers cited increased revenue from a year ago, but some noted the pace of increase was slower recently than earlier in the year. Software and information technology services firms also reported moderate revenue and demand growth in the closing months of the year.”

Residential real estate price increases continued amid “mixed sale results,” the report said.

In addition to saying they plan to raise prices this year by 1 to 4 percent, retailers noted their costs are rising in connection with the state minimum wage increase to $12 an hour, but hiring in retail “had not been difficult,” according to the report. “By contrast, a tourism contact noted serious concern about ongoing labor shortages on Cape Cod that will be more severe in 2019 if limits on the J-1 and H-2B visa programs are not raised,” the report said.

Looking ahead, Fed contacts “generally expected growth to continue in 2019, but they expressed significant reservations,” especially around trade and tariffs. “Several contacts noted that the length of the economic expansion made a downturn more likely, but none pointed to any specific issues with their customers or markets.”

Boston Fed President and CEO Eric Rosengren met Wednesday with members of Congress from New England, Rep. Richard Neal said on Twitter.

The economist and members of the delegation discussed “New England’s economic outlook and how we in Congress can continue to best utilize our partnership with the Fed,” Neal said.