The Federal Reserve Bank just issued its economic report on the U.S. Economy for the quarter just ended. The following are some of the key points mentioned in the report:

a. Economic activity has continued to grow at a moderate pace since the last report.
b. Manufacturers report that business activity has picked up considerably in recent weeks.
c. Tourism activity has strengthened, no longer held back by harsh weather.
d. General merchandise retailers report that sales rebounded strongly in April and early May.