• Manufacturing continues to lead recovery; every district showed steady improvement
  • Wage pressures weak or subdued
  • Higher energy, raw materials costs areas of concern
  • Consumer spending picking up modestly, auto sales picking up in most districts
  • Housing markets little changed at low levels
  • Loan demand unchanged or slightly improved since March report

A moderately stronger report than expected, showing no signs that higher energy costs are sapping the strength of the recovery…