Fed's Beige Book: Economic Activity Continued to Expand in May

U.S. economic activity expanded from mid-April through May, with a number of areas reporting stronger growth, the Federal Reserve said on Wednesday.

Seven Fed districts described growth as modest or moderate, while others reported growth as moderately strong, edging up, or somewhat faster than in recent months, according the Fed's Beige Book summary of anecdotal economic conditions.

The Fed said overall wage pressures had not increased, but added that there were "significant" price increases for energy-related products.

However, districts generally did not indicate an increase in overall price pressures, the U.S. central bank said.