WASHINGTON — The Federal Reserve says the U.S. economy was growing at a moderate pace in most regions of the country in April and May, helped by gains in consumer spending on autos and other products.
In its latest survey of business conditions around the country, the Fed says that manufacturing activity held steady or increased, except in the energy industry. Some companies laid off workers and cut back on drilling activities in response to the big fall in energy prices over the past year.
The Fed report, known as the beige book, will be reviewed by officials at the Fed's next meeting June 16-17 meeting. Economists believe the central bank will decide to delay any rate increase until they see more signs of an economic rebound.