The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) stated: " National economic activity accelerated to a moderate pace from late February to early April". The previous report stated: " Economic activity expanded modestly from January to mid-February for most Federal Reserve Districts". Analyst Opinion of this month's Beige Book Based on the difference in wording, it appears the economy improved since the previous Beige Book. Note the following statement from the Federal Reserve: This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials. Interesting quotes from the Beige Book: