Federal Reserve Beige Book: Economic activity continues to expand, with small growth in most regions

The Federal Reserve Beige Book shows that economic activity across the country continued to expand from early April to mid-May, with small increases in most regions; however, the situation varied across industries and regions; the overall outlook became more pessimistic in reports of rising uncertainty and increased downside risks; prices rose moderately during the reporting period; retail sales data pointed to a decline in discretionary spending.