Fed Survey Finds US Growth, Hiring Mostly Steady
A Federal Reserve survey found the U.S. economy grew moderately in most regions of the country this spring and companies kept hiring, a hopeful sign after a spate of gloomy data released last week.
The Fed survey showed growth in each of its 12 bank districts from April 3 through May 25. Growth was moderate or modest in 10 districts, steady in the Boston district, and slowed in the Philadelphia region.
Hiring was steady or rose modestly. That's in stark contrast to the government's jobs report last week that said employers added the fewest jobs in a year in May.
Manufacturing and home sales improved in most districts. And businesses sought more loans, which could signal expansion plans. But consumer spending was flat to only modestly positive in almost all districts.