On May 29, local time, the Federal Reserve released the "Beige Book" on economic conditions. According to the "Beige Book", economic activity in the United States continued to expand from early April to mid-May, with most regions reporting a slight increase in economic activity and two regions reporting no change in economic activity.
Among industries, retail spending was flat or up slightly, auto sales were essentially flat, travel and tourism strengthened in most parts of the country, driven by increased leisure and business travel, but the hotel industry had a mixed outlook for the summer, demand for non-financial services increased, transportation service activity was mixed, with increased port and rail activity, and reports on truck and freight demand varied from place to place.
In addition, housing demand rose slightly across the country, with single-family home construction increasing. Conditions in the commercial real estate sector softened due to supply concerns, tighter credit conditions and higher borrowing costs. Energy activity was largely stable, and agricultural reports were mixed.
Overall, employment rose slightly, with eight districts reporting slight to moderate increases in employment and the remaining four districts reporting no change in employment. Prices rose modestly. Most districts said that profit margins fell as consumers resisted further price increases and cost prices rose on average.
The "Beige Book" shows that prices are expected to continue to rise moderately in the near future. (China Economic Network) #BNB金鏟子
