The Fed issued the region Beige Book with the following highlights: (Green=Better, Red=Worse or no improvement)
According to AP:
The economic recovery is finally spreading to all parts of the country. But the modest pace of growth suggests companies won’t be ramping up hiring to quickly drive down unemployment.
A Federal Reserve survey, released Wednesday, found that economic activity improved across all 12 regions tracked. The last time all regions were in a growth mode was roughly before the recession started in December 2007.
The latest survey is a tad better than the previous one released in mid-April. In that survey, all of the Fed’s regions — except for St. Louis — reported “economic activity increased somewhat.”
In the new survey, manufacturing picked up, retail sales grew, tourism improved and housing was helped by the now-expired tax credit for homebuyers. But commercial real estate is weak and labor market conditions improved only “slightly.”
The picture painted by the survey is consistent with chairman Ben Bernanke’s view — shared with Congress on Wednesday — that a modest economic recovery is unfolding. Bernanke predicted the recovery remains on track despite Europe’s debt crisis, which has put Wall Street on edge in recent weeks, and stubbornly high unemployment, now at 9.7 percent.