The economic activity in most U. S. regions expanded at a "moderate pace" from early April to May, revealed an economic survey released by the Federal Reserve Wednesday.

Activity in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas and San Francisco districts was characterized as growing at a moderate pace, while the Richmond, St. Louis and Minneapolis districts showed modest growth, said the U.S. central bank.

Boston reported steady growth and Philadelphia indicated that the pace of expansion has slowed slightly since the previous survey.

The survey, known as the Beige Book, was based on economic information supplied by the central bank's twelve regional banks and was released eight times each year to provide a snapshot of the local economy.

The manufacturing sector continued to expand in most areas, while consumer spending was unchanged or gained modestly. New vehicle sales remained strong and inventories of some popular models were tight, according to the survey.

Travel and tourism continued to grow, boosted by both the business and leisure segments. Demand for nonfinancial services was generally stable to slightly higher since the last report, said the Fed.

The survey pointed to an improving picture of the U.S. real estate sector, saying that "conditions in residential and commercial real estate improved. Construction picked up in many areas of the country."