The US economy has “expanded slightly” since late February and firms reported greater difficulty in passing on higher costs, the Federal Reserve said in its Beige Book survey of regional business contacts. “Consumer spending barely increased overall, but reports were quite mixed across Districts and spending categories,” according to the report released Wednesday. “Several reports mentioned weakness in discretionary spending, as consumers’ price sensitivity remained elevated.” “Another frequent comment was that firms’ ability to pass cost increases on to consumers had weakened considerably in recent months, resulting ... (full story)