According to the Federal Reserve Beige Book economic report released Wednesday, economic conditions remained weak or deteriorated further during the period from mid-April through May, though five Districts noted the downward trend is showing signs of moderating. Though expectations of contacts within the Districts have improved, economic activity is not expected to increase substantially through the end of the year.
 
Here is an overview of the report:
 
Manufacturing declined or remained weak in most Districts. New York characterized the sector as having stabilized, while Dallas mentioned signs of stabilization. In contrast, Richmond reported a rise in both new orders and shipments.
 
Transportation contacts in most Districts say that …