Economic activity expanded moderately at most Federal Reserve districts from early April to late May, with only Philadelphia reporting a slowing, according to the Beige Book released on Wednesday.

“Reports from the 12 Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from early April to late May,” according to the report.

“Activity in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas, and San Francisco districts was characterized as growing at a moderate pace, while the Richmond, St. Louis, and Minneapolis districts noted modest growth. Boston reported steady growth, and the Philadelphia district indicated that the pace of expansion had slowed slightly since the previous Beige Book.”

Most districts reported manufacturing expanded.

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