Beige Book Report Sees Modest Economic Growth Nationwide

As the U.S. economy continues on its path of modest growth, lenders are showing signs of easing tight credit restrictions and business spending is also on the rise, the Federal Reserve said in its June 9 Beige Book report on the nation’s economic activity.

“Economic activity continued to improve since the last report across all twelve Federal Reserve Districts, although many Districts described the pace of growth as modest,” the Fed’s Beige Book summary stated.

Business spending rose, on net, with employment and capital spending edging up but inventory investment slowing. “Financial activity was little changed on balance, although a few Districts noted a modest increase in lending,” the Fed said

Consumer spending and tourism activity generally increased, and nonfinancial services, manufacturing, and transportation continued to gradually improve.