Fed Beige Book: Economic Activity Continues to Expand, Most Regions See Small Gains

The Federal Reserve Beige Book shows that national economic activity continued to expand from early April through mid-May, with most regions showing modest growth; however, conditions varied by industry and region; the overall outlook became more pessimistic in a report of rising uncertainty and increased downside risks; prices rose moderately during the reporting period; and retail sales data indicated a decline in discretionary spending.