Federal Reserve Beige Book: Economic activity across the United States continued to expand, with most regions experiencing small growth

On May 29, local time, the Federal Reserve released the "Beige Book" of 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 various industries, retail spending was flat or slightly up, and auto sales were basically flat. Driven by increased leisure and business travel, travel and tourism in most parts of the United States have strengthened, but the hotel industry has mixed prospects for the summer, non-financial service demand has increased, transportation service activities are mixed, port and railway activities have increased, and reports on truck and freight demand vary from place to place. In addition, housing demand in the United States rose slightly, and single-family home construction increased. The conditions in the commercial real estate industry have weakened due to supply concerns, tight credit conditions and rising borrowing costs. Energy activity is basically stable, and agricultural reports are mixed. In the labor market as a whole, the employment rate rose slightly, with eight regions reporting a slight increase to moderate employment rate, and the remaining four regions reporting no change in employment rate. Prices rose moderately. Most regions said that as consumers resisted further price increases and cost prices rose on average, profit margins in various industries fell. The "Beige Book" shows that prices are expected to continue to rise moderately in the near future. (China Economic Net)