In the six week period ending in May, economic conditions remained weak or deteriorated further but there were signs that the economy was improving, according to a new report from the Federal Reserve Bank.
The report, known as the ‘Beige Book,’ summarizes comments received by the Federal Reserve several times a year from business and other contacts outside the bank and is not a commentary on the views of the Fed’s officials.
In the report, five of the twelve districts of the Federal Reserve around the country noted that the downward trend in the economy is showing signs of moderating.
Several districts said that their expectations have improved although they do not see a substantial increase in economic activity through the end of the year.
The report includes information about various sectors including Manufacturing, nonfinancial services, consumer spending and tourism, real estate and construction, banking and finance, agriculture and natural resources, employment and wages and prices.
The Fed districts included in the report include Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.