MINNEAPOLIS (June 1, 2016) — Economic growth was mostly modest throughout the 12 Federal Reserve districts in April through mid-May 2016, according to the latest edition of the Beige Book.
Growth was moderate in the San Francisco district, but slowed in Chicago and Kansas City, according to the report issued June 1. Minneapolis, Philadelphia, St. Louis, Cleveland and Atlanta reported modest growth, it said.
Consumer spending was up in about half of the districts, the Beige Book said. It was mixed or flat in Boston, Cleveland, Minneapolis and Dallas, and down in New York, it said.
Construction, real estate and non-financial services generally expanded during the period of the report, but manufacturing activity was mixed and the energy sector was weak, it said.
Employment and wages grew modestly in most districts, despite tight labor markets, and price pressure grew slightly, the report said.
The Federal Reserve districts issue Beige Books eight times a year, with each Federal Reserve Bank taking turns on preparing and issuing the reports. The Federal Reserve Bank of Minneapolis prepared the current report.
The report summarizes comments received from business and other contacts outside the Federal Reserve System, and is not a commentary on the views of Federal Reserve officials, according to the report's summary.