02:33 PM EDT, 05/29/2024 (MT Newswires) -- The US economy grew at a "slight or modest" pace in most Federal Reserve districts between early-April and mid-May, with no change reported in two districts, according to the Fed's Beige Book report, a summary of economic conditions released Wednesday.

Retail spending was flat to up only slightly, due in part to increased price sensitivity, while auto sales were "roughly flat," the Beige Book showed.

Lending growth remained restrained by tight credit standards and high interest rates, though housing demand rose modestly, and construction of single-family homes increased. Commercial real estate conditions softened further while manufacturing activity was seen as "flat to up."

Employment growth was reported as "slight" overall, with eight of the 12 districts reporting only "negligible and modest job gains" and the other four reporting no change at all.

Labor supply improved in a majority of districts, and many reported a reduction in employee turnover, but some districts and industries still reported a shortage of available workers.

Hiring plans were mixed with some districts expecting continued growth in labor demand and others looking for a pullback in hiring. Wage growth was still moderate but with slowing seen in some areas.

Price growth was modest over the period, with customers resistant to additional price increases and profit margins shrinking as a result. There were discounts reported by retailers to stimulate business despite rising input costs. Prices are expected to continue to grow at a modest pace.

The summary was prepared at the Federal Reserve Bank of Dallas based on information collected on or before May 20.