The US Federal Reserve has released its 'Beige Book' economic report, indicating that economic activity across the United States continued to expand from early April to mid-May. The report highlights a mixed bag of economic indicators, with most regions reporting slight growth in economic activity, while two regions reported no change.

Retail spending remained steady or slightly increased, and auto sales were generally stable. The travel and tourism industry in most parts of the US saw some growth, driven by an increase in leisure and business travel. However, the hotel industry had mixed feelings about the outlook for the summer.

Demand for non-financial services rose, transportation services activity was mixed, and port and railway activity increased. Reports on truck and freight demand varied by region. Housing demand in the US slightly increased, and single-family home construction rose. The commercial real estate industry was somewhat weak due to concerns about supply, tightening credit conditions, and rising borrowing costs.

Energy activity was generally stable, and agricultural reports were mixed. The labor market saw a slight increase in employment rates, with eight regions reporting slight to moderate increases, while the remaining four regions reported no change.

Prices moderately increased in most regions, and the 'Beige Book' indicates that prices are expected to continue to rise moderately in the near future. Most regions indicated that due to consumer resistance to further price increases and average cost price increases, profit margins in all industries declined.

In conclusion, the 'Beige Book' report provides a comprehensive overview of the US economic landscape, highlighting both positive and negative trends. The report suggests that economic activity is expanding, but with some regions experiencing no change. The labor market is seeing a slight increase in employment rates, and prices are expected to continue to rise moderately in the near future.