Most Federal Reserve Districts showed economic growth in April through mid-May, with San Francisco reporting "moderate" growth and six other banks reporting "modest" growth, according to the Beige Book report released Wednesday.
Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, and Minneapolis were the banks that had modest growth. While Dallas said it saw marginal growth.
New York said the economy was generally flat from the previous report, while Chicago and Kansas City said growth slowed.
"Several Districts noted that contacts had generally optimistic outlooks, with firms expecting growth either to continue at its current pace or to increase," the report stated.
Modest increases were seen in consumer spending, although contacts in the Boston, Cleveland, Minneapolis, and Dallas Districts reported mixed or flat activity, and New York reported weakened sales.
Nonfinancial services grew modestly, while manufacturing activity was mixed.
