Majority of US districts experienced slowdown

The latest edition of the Beige Book reveals two-thirds of regional Federal Reserves reported a softening in the pace of business activity in the first quarter.

Residential real estate markets remained weak and commercial real estate markets were mixed. Consumer spending was poor or softening, but, broadly, tourism continued to expand. Some positive news came from Richmond and Dallas on services. Regional Feds reporting on agriculture and energy sectors accounted generally strong activity.

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