FED'S BEIGE reports that between late May and June U.S. economic activity expanded slightly to moderately in 11 of 12 Fed districts, roughly in line with the prior period. High oil prices and fuel costs weighed on parts of consumer spending, prompting cuts to discretionary purchases and shifts toward lower-priced goods. Travel activity picked up, with World Cup-related flows boosting some regions. Manufacturing showed moderate growth, supported by increased orders for data centers, machinery and

FED'S BEIGE reports that between late May and June U.S. economic activity expanded slightly to moderately in 11 of 12 Fed districts, roughly in line with the prior period. High oil prices and fuel costs weighed on parts of consumer spending, prompting cuts to discretionary purchases and shifts toward lower-priced goods. Travel activity picked up, with World Cup-related flows boosting some regions. Manufacturing showed moderate growth, supported by increased orders for data centers, machinery and defense. Construction and real estate activity edged up, led by data-center building. Energy-sector drilling increased. Financial conditions were broadly stable; commercial and consumer lending rose modestly. Agriculture weakened amid falling commodity prices, rising input costs and tighter credit. Most contacts expect continued expansion in the coming months, but the outlook for fuel costs remains a significant uncertainty.