WASHINGTON (AP) — A Federal Reserve survey says economic growth increased throughout the United States from April through mid-May, fueled by home construction, consumer spending and steady hiring.
Eleven of the Fed's banking districts reported "modest to moderate" economic growth. The 12th, in Dallas, reported strong growth.
The Beige Book survey is based on anecdotal reports. The mostly favorable results of the latest survey suggest that the economy and the job market are improving despite tax increases and government spending cuts that took effect this year.
But the modest or moderate improvement reported for most regions appears to fall short of the "strong and sustained growth" that Fed members have said is needed before the Fed starts tapering its bond purchases. Those purchases have helped keep interest rates at record lows.