Beige Book: Economy Expanding Moderately, Consumer Spending Strengthens

Economic activity accelerated at a moderate pace from late February to early April as consumer spending strengthened due in part to increased COVID-19 vaccinations, according to the Federal Reserve’s third Beige Book release of the year. The report was based on information collected through April 5.

Bankers in most districts saw modest to moderate increases in overall loan volumes. Sustained high demand and tight supply of single-family homes continue to push up prices. Reports on commercial real estate and construction varied, with activity in the hotel, office and retail segments generally remaining weak.