The Wall Street Journal

June 11, 2008

Economic activity remained weak in April and May, according the Federal
Reserve's latest beige book report. The survey of conditions by the
regional banks found that consumer spending was pinched amid high prices for
oil and food. Seven out of 12 regions reported economic activity was softer in
the six-week period, while the remaining five said it was stable or little
changed from the similarly gloomy April survey. The housing market faced
continuing pressure, and the cost of energy was seen damping tourism.


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