The Fed noted that advanced bookings suggest a generally "optimistic" outlook for summer travel. For the San Francisco district, however, there was "some concern that the flow of international visitors could taper off in coming months due to potential weakness in the global economy." "Overall economic activity increased at a modest to moderate pace since the previous report" across all districts except Dallas, which showed "strong" growth, the Fed reported. It cited expansion in the manufacturing sector and for a "wide variety of business services," a "measured pace" of increased hiring and "slight to moderate gains in consumer spending." At the same time, the energy sector experienced "flat" overall activity while the mining sector "was down." Tourism activity in New York was "fairly robust since the previous report," with the hotel business holding steady "at a strong level in April and picked up in early May; occupancy rates have been roughly on par with a year ago, with room rates up 2 percent to 4 percent." Get the full story at Business Travel News