Business News
Two years after recession begins, Fed says most of US improving
Dec 2, 2009, 18:44 GMT
Washington - Most parts of the United States have witnessed some improvement in their economies over the last months, according to a Federal Reserve survey Wednesday, released two years after the US first entered its worst recession in a generation.
The central bank said eight out of 12 regions of the country reported that their economies 'generally improved modestly' since the Fed's last regional Beige Book survey in September. Four regions, primarily on the East Coast, said conditions were mixed or virtually unchanged.
There were some gains in consumer spending, manufacturing and housing markets. Labour markets were still weak as the national unemployment rate hit 10.2 per cent in October, but the Fed did note 'scattered signs of improvement.'
The US entered a deep recession in December 2007. Most economists belive the world's largest economy returned to growth some time in the early summer.
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