Posted: Jun 9, 2010 12:11 PM by Greg Boyce
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 new survey by the Federal Reserve says economic activity improved across all 12 regions tracked. That's a tad better than April's survey when all of the Fed's regions - except for St. Louis - reported "economic activity increased somewhat." The last time all regions were in a growth mode was roughly before the recession started in December 2007.
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."