While economic conditions “remained weak or deteriorated further” from mid-April through May, some districts reported an uptick in home sales, according to the summary of commentary on current economic conditions released yesterday by the Federal Reserve.
Known as the Beige Book, the report — prepared for the June 23-24 Federal Open Market Committee meeting — also said five districts are reporting signs of moderation in the current economic downtrend.
However, “contacts from several districts said that their expectations have improved, though they do not see a substantial increase in economic activity through the end of the year,” the Beige Book said.
The summary of economic conditions was compiled by the Cleveland Federal Reserve Bank based on data collected on or before June 1.
With activity weak across most sectors, including manufacturing, nonfinancial services and retail, “labor market conditions continued to be weak across the country, with wages generally remaining flat or falling,” the report said.
— Market News International
