WASHINGTON (AP) - 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."