WASHINGTON, June 13 (UPI) -- The U.S. economy overall is growing at a moderate pace, the Federal Reserve said Wednesday in its Beige Book, the Fed's occasional report on the economy.
Most regions reported steady, modest growth from mid-April through May, the Fed reported. Consumer spending and retail sales were generally up in late April and May, with a number of the Fed's 12 districts reporting luxury items were selling better than lower-end merchandise.
The Beige Book, prepared at the Federal Reserve Bank of Philadelphia, is based on information collected before June 4 and summarizes comments from businesses and other contacts outside the Federal Reserve.
Manufacturing was up in most districts. Most service sector industries, except for trucking, reported gains as well.
Districts noted weakness in residential real estate and construction but increased strength in the commercial real estate sector. Half of the banks reported little or no change in overall loan demand, with strong commercial lending balancing a soft residential mortgages and consumer lending.
Hiring activity was up, especially for workers with specialized skills.
While price increases for energy-related products and specific raw materials were noted, prices of some raw materials remained stable.
