Washington, DC, June 16--The economy expanded across the nation from mid-April through May as tourism, real estate, and manufacturing strengthened and the job market improved nationwide, according to the Federal Reserve’s beige book survey.
The survey suggests the economy is growing in most industries and in all regions without spurring faster inflation. Federal Reserve chairman Alan Greenspan told Congress on June 9 that the United States is on a "firm footing and underlying inflation remains contained."
Most districts "characterized the pace of expansion as moderate, solid or well-sustained," the report said.
Most regions reported that economic growth continued, although some sectors lagged behind the overall pace. Retailers cited healthy sales increases. Sales of lumber and hardware were especially strong as the housing boom continued. Many manufacturers, however, described business as merely OK, if not disappointing. Manufacturers remain concerned about high costs for raw materials.
