WASHINGTON (AP) — The Federal Reserve said Wednesday that the U.S. economy is losing strength and repeated a pledge to take further steps to stimulate growth if the job market doesn't show sustained improvement.

The Fed took no new action after a two-day policy meeting. But it acknowledged in a statement released after the meeting that economic activity had slowed over the first half of the year. It also said unemployment remains elevated and consumer spending is rising at a somewhat slower pace.

Stocks indexes turned slightly lower after the Fed didn't announce any new measures to stimulate the economy. The Dow Jones industrial average was down 30 points shortly after the Fed's announcement at 2:15 p.m. It was up 20 points immediately before.