EU-DIGEST: Good news for Obama: Fed survey finds US economy, hiring improve at steady though moderate pace

6/6/12

Good news for Obama: Fed survey finds US economy, hiring improve at steady though moderate pace - by Christopher S. Rugaber

A Federal Reserve survey found that the U.S. economy grew moderately in most regions of the country this spring and companies kept hiring. It was a hopeful sign after a spate of gloomy data released last week.

The Fed survey shows 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, according to the Fed's report, known as the "Beige Book." That's in stark contrast to the government's jobs report last week, which said employers added the fewest jobs in a year in May and the unemployment rate ticked up to 8.2 per cent from 8.1 per cent in April.