U.S. economy accelerates to a moderate pace: Fed's Beige Book

• Economic activity "accelerated to a moderate pace" in the late February to early April period, with consumer spending strengthening, according to the Federal Reserve's Beige Book.
• Based on information collected on or before April 5, 2021.
• Specifically, some areas hit hardest by the pandemic show signs of reviving.
• "Reports on tourism were more upbeat, bolstered by a pickup in demand for leisure activities and travel which contacts attributed to spring break, an easing of pandemic-related restrictions, increased vaccinations, and recent stimulus payments among other factors," the report said.
• Improvements, though, ran across most parts of the economy — auto sales, nonfinancial services, manufacturing, banking, and housing.
• Reports on commercial real estate and construction varied, with activity in the hotel, office, and retail segments generally remaining weak.
• Agricultural conditions were mostly stable.
• Activity in the energy sector was mixed, with coal production falling, and oil and gas drilling flat to up.
• Looking forward, outlooks were more optimistic than in the previous report.
• Most districts reported modest to moderate increases in employment, with the strongest growth generally in manufacturing, construction, and leisure and hospitality.
• Many districts reported moderate price increases, with input costs rising across the board, notably in metals, lumber, food and fuel prices.
• "There were widespread reports of increased selling prices, also, but typically not on pace with rising costs." Continued price increases are expected in the near term.
• By region, the New York area economy grew at a strong pace for the fist time during the pandemic, and expansions in Cleveland and Dallas accelerated. The other nine districts reported moderate or modest growth, though Minneapolis showed "signs of acceleration."