According to Odaily, the US Federal Reserve released its 'Beige Book' economic report on May 29th. The report indicates that economic activity across the United States continued to expand from early April to mid-May. Most regions reported slight growth in economic activity, while two regions reported no change.
In various sectors, retail spending remained steady or slightly increased, and auto sales were generally stable. Driven by an increase in leisure and business travel, the travel and tourism industry in most parts of the US saw some growth. However, the hotel industry had mixed feelings about the outlook for the summer. Demand for non-financial services rose, transportation services activity was mixed, and port and railway activity increased. Reports on truck and freight demand varied by region.
Additionally, housing demand in the US slightly increased, and single-family home construction rose. The commercial real estate industry was somewhat weak due to concerns about supply, tightening credit conditions, and rising borrowing costs. Energy activity was generally stable, and agricultural reports were mixed.
Overall, the labor market saw a slight increase in employment rates. Eight regions reported slight to moderate increases in employment rates, while the remaining four regions reported no change. Prices moderately increased in most regions. Most regions indicated that due to consumer resistance to further price increases and average cost price increases, profit margins in all industries declined.
The 'Beige Book' indicates that prices are expected to continue to rise moderately in the near future.
