WASHINGTON — The economy’s sharp downhill slide eased in the late spring, and hopes for future business activity improved, suggesting that the worst of the recession has passed.
A Federal Reserve snapshot of economic conditions issued Wednesday found that five of the Fed’s 12 regions said the “downward trend is showing signs of moderating.” In addition, “several” regions said their expectations of future business activity have improved, although they don’t see a “substantial increase” through the end of the year. In the previous survey, several regions simply noted signs of some stability at low levels.
Altogether, the assessments of businesses on the front lines of the economy appeared to be slightly better than those provided in the previous report issued in mid-April.
Known as the Beige Book, the Fed survey is consistent with observations made by Fed Chairman Ben Bernanke and other central-bank officials.
