The U.S. economy emerged slowly in April and May from its winter doldrums, with the housing and retail industries rebounding, but manufacturers and oil producers still hampered by a strong dollar and low crude prices, according to a Federal Reserve report.
The Fed’s beige book described modest to moderate growth in most of the Fed’s regional bank districts, in line with its previous report.
The account said growth “slowed slightly” in the Dallas district and held steady in Atlanta.
The beige book, which provides an anecdotal look at the economy, is consistent with recent government data that reveal a mixed picture as the economy transitions to the stronger growth expected in the second half of the year.
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