Getting your player ready...
WASHINGTON — The economic recovery is spreading to most parts of the country. Merchants are seeing better sales, and factories are boosting production, but many companies are still slow to ramp up hiring, the Federal Reserve reported Wednesday.
The Fed’s new survey is consistent with Chairman Ben Bernanke’s view that a modest recovery is unfolding, although it won’t be strong enough to quickly drive down unemployment, now at 9.7 percent.
All of the Fed’s 12 regions except St. Louis said “economic activity increased somewhat.” That was an improvement from the last Fed survey in early March, when nine regions reported modest gains. The Associated Press
