Here are bullet points from the just released Beige Book: “Reports suggest overall economic activity expanded at a moderate pace during the reporting period from early April to late May…Mfr’g continued to expand in most Districts…Consumer spending was unchanged or up modestly…New vehicle sales remained strong…Sales of used auto’s held steady…Travel and tourism expanded…Demand for nonfinancial services was generally stable to slightly higher and several Districts noted strong growth in IT services…Conditions in residential and CRE improved…Construction picked up in many areas of the country…Lenders in most Districts noted an improvement in loan demand and credit conditions…Wage pressures overall were modest…Hiring was steady or increased slightly, and contacts in an number of Districts reported difficulties in finding qualified workers…Price inflation remained modest across Districts, and overall cost pressures eased as the price of energy inputs declined. Economic outlooks remain positive, but contacts were slightly more guarded in their optimism.”
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