Overview

Economic activity in America was slow or decelerating in April and May, according to the Federal Reserve's latest anecdotal survey of economic conditions across the country. The “beige book” also reported that retail sales were sluggish. This finding was backed up by figures showing that the value of retail sales had risen by only 0.1% in May. The Fed survey reported only moderate wage and price increases, with the exception of health-care and energy costs.