WASHINGTON -- The economy perked up from mid-April through May as consumers spent on vacations and luxury goods despite rising gasoline prices, the Federal Reserve said Wednesday. In the beige book, an anecdotal look at economic conditions named for the color of its cover, the 12 regional Fed banks called growth moderate or picking up. Inflation pressures didn't seem to accelerate, though firms worried about high energy prices. The Philadelphia Fed noted that some businesses gave employees gasoline cards as a benefit. "The Fed is steering a steady course on (interest) rates, and there is nothing in the beige book that would suggest any dramatic shift," said Global Insight economist Brian Bethune. USA TODAY economic reporters Sue Kirchhoff and Barbara Hagenbaugh looked at the report.
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1st District: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, most of Connecticut. Activity was generally positive. Retailers noted mixed conditions and concern over higher ...
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