WASHINGTON — The U.S. economy was growing at a moderate pace in most regions of the country in April and May, as consumers ramped up spending at retailers and auto dealers, the Federal Reserve said Wednesday.
In its latest survey of business conditions around the country, the Fed said 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 oil prices during the past year.
The Fed report, known as the beige book, will be reviewed by officials at the Fed’s June 16-17 meeting. Economists expect the central bank to delay any rate hike until they see more signs of an economic rebound.
Four districts — Boston, Atlanta, Chicago and St. Louis — reported moderate growth in manufacturing.
The report found wide-ranging consequences from the fall in energy prices, with more than half of the Fed’s 12 districts reporting a negative impact on companies that operate in the energy sector or provide services to energy companies.
