Fed Says Expansion Was ‘Moderate’ in May, Hiring Steady

The Federal Reserve said today that the U.S. economy maintained a moderate pace of growth as factory output rose and the real-estate market improved.

“Overall economic activity expanded at a moderate pace” from early April to late May, the Fed said in its Beige Book business survey, which is based on reports from its 12 district banks. “Hiring was steady or increased slightly.”