The US economy grew moderately in most regions of America this spring and companies kept hiring, a Federal Reserve survey says.
The mostly upbeat survey released on Wednesday offered a hopeful sign after last week's more dismal data on hiring and manufacturing. Those reports sketched a picture of an economy that is slumping after a promising winter.
The positive survey, which is anecdotal, also makes it less likely that Fed policymakers will take further action in the coming months to lift the economy.
The survey doesn't suggest the economy is in dire need of help, many economists said. “This report was more upbeat than probably anyone expected,” said Ms Jennifer Lee, an economist at BMO Capital Markets.
That suggests that “some of the soft reports on payrolls, auto sales and manufacturing may be temporary.”