The Federal Reserve released its Beige Book on Wednesday. The report showed an optimistic picture of the U.S. economy despite the mixed U.S. economic data in the second quarter.
According to the report, "overall economic activity expanded during the reporting period from early April to late May".
The growth was characterized as "moderate" and "modest" in the most districts.
Consumer spending rose across all districts except Richmond, according to the Beige Book.
Employment and wages increased slightly, while prices "were stable or ticked up".