The Federal Reserve Board has taken information provided by all twelve (12) of the Federal Reserve Districts as of May 25, 2012, and put all this data together in one Summary of Commentary on where our economy is at right now.  You may know this as the Beige Book for June 2012. 

Here's a Short Synopsis of what you will find in the complete Federal Reserve Board’s Summary of Commentary (read it here):

1.  Manufacturing

Manufacturing continued to expand, and most Districts reported gains in production or new orders. The only exceptions were from the Philadelphia, Richmond and St. Louis Districts, where factory activity was mixed or had softened slightly. Growth was seen in the following in one or more of the Districts:

• auto and steel manufacturing
• semiconductors and high-tech equipment
• aircraft and parts
• agricultural and construction equipment
• industrial machinery
• food
• pharmaceuticals
• petrochemicals
• construction-related products
• lumber and wood products

2.  Consumer Spending

Retail spending was flat to modestly positive in nearly all Districts. Growth was seen in the following in one or more of the Districts:

• household goods
• apparel
• automobiles 

3.  Travel and tourism

Reports from most Districts pointed to continued strength in travel and tourism, bolstered by both the business and leisure segments. Favorable spring weather spurred tourism in the Minneapolis and Kansas City Districts. Time-share rentals were strong in the Richmond District, and foreign visitors boosted activity in Florida.... Growth was seen in the following in one or more of the Districts:

• restaurants
• food service
• business travel
• convention bookings
• hotel bookings
• hospitality-related projects

4.  Nonfinancial Services

Demand for nonfinancial services was generally stable to slightly stronger since the previous report.  Growth was seen in the following in one or more of the Districts:

• information technology
• healthcare services
• professional and business services(e.g.,accounting, engineering, advertising, and legal)
• advertising sales
• freight transportation
• railroad contacts

5.  Real Estate and Construction

Activity in residential real estate markets improved in most Districts since the previous report. Growth was seen in the following in one or more of the Districts:

• apartment market
• multifamily construction
• home sales
• Commercial construction
• Commercial leasing
• Build-to-suit construction
• speculative industrial projects
• hotels / luxury hotels
• higher education projects

6.  Banking and Finance

Stronger loan demand in energy, healthcare, and commercial real estate.  Growth was seen in the following in one or more of the Districts:

• capital spending loans
• stronger mortgage lending
• commercial real estate loans
• auto loans.

7.  Agriculture and Natural Resources

Agricultural conditions generally improved since the previous report. Growth was seen in the following in one or more of the Districts:

• corn
• winter wheat
• hog and cattle
• Energy activity remained robust, with drilling expanding further in the Cleveland, Atlanta, Minneapolis, Kansas City, and Dallas Districts. 

8.  Employment, Wages and Prices

Hiring was steady or showed a modest increase. Reports of hiring were most prevalent in the manufacturing, construction, information technology, and professional services sectors.  Price inflation was modest across most areas of the country.