No Rapid Bounce To U.S. Growth In May: Beige Book

There was no rapid rebound in U.S. economic activity after the tepid first quarter, according to the latest Federal Reserve report on economic conditions known as the Beige Book released on Wednesday. If anything, growth was more mixed in May than it had been in the prior report for March. Conditions were much more varied in the latest survey, which covers activity through May 22. Seven districts reported "moderate" or "modest" growth in May, the Fed said. Growth was seen as "slight" in Cleveland and Kansas City, "mixed" in Boston, "steady" in Atlanta and "slowing slightly" in Dallas, the report said. Oil and natural gas activity continued to decline in most districts, according to the survey. Many regions said the impact of the strong dollar was depressing manufacturing, but also holding down export sales and capital investment. Home construction was "flat to up" in most districts, the report said.