国际英语新闻：U.S. Fed survey says economic recovery is broader

WASHINGTON, Jan. 13 (Xinhua) -- Economic recovery in the United States is spreading to more parts of the country, the Federal Reserve said on Wednesdays in its latest survey on business conditions.

    The survey, known as Beige Book, was based on economic information supplied by the Fed's 12 regional banks and collected before Jan. 4, and struck a more positive tone than the last survey, which was released on Dec. 2.

    The snapshot of economic conditions found that in most districts "while economic activity remains at a low level, conditions have improved modestly further, and those improvements are broader geographically than in the last report."

    Ten Districts reported some increased activity or improvement in conditions, while the remaining two, Philadelphia and Richmond, reported mixed conditions.

    The last Beige Book reported eight Districts with increased activity or improving conditions and four Districts showing little change and/or mixed conditions.

    Most districts reported consumer spending in the recent 2009 holiday season was slightly greater than in 2008, but still far below 2007 levels.

    Retail inventory levels remain very lean in nearly all Districts. Auto sales held steady or increased slightly since the last Beige Book in most Districts.

    Manufacturing activity has increased or held steady since the last report in most Districts. Among Districts reporting on near-term expectations, the manufacturing outlook was optimistic, but spending plans remain cautious.

    Toward the end of 2009, home sales increased in most Districts, especially for lower-priced homes. Home prices appeared to have changed little since the last Beige Book, and residential construction remained at low levels in most Districts.

    Although some hiring was reported in a few Federal Reserve Districts, labor market conditions remained generally weak with modest wage increases appearing in just a few Districts.

    Price pressures remained subdued in nearly all Districts, though increases in metals prices were reported and agricultural prices have been mixed, according to the Beige Book.

    The survey summarizes comments received from business and other contacts outside the Fed and is not a commentary on the views of Fed officials.

    But its findings will figure into discussions when Fed policymakers meet to consider their stance on interest rates and other monetary issues on Jan. 26-27.