Economic activity is stabilizing or improving in most of the US, according to a new government survey, adding to evidence that the worst recession since the 1930s is over.
The Federal Reserve's snapshot of economic conditions backs predictions by Fed Chairman Ben Bernanke and most other analysts that the economy has started to grow again in the current quarter.
In the survey released Wednesday, all but one of the Fed's 12 regions indicated that economic activity was "stable," showed "signs of stabilization" or had "firmed." The one exception was the St. Louis region, which continued to report that the pace of decline in economic activity appeared to be "moderating."
Looking ahead, businesses in most Fed regions said they were "cautiously positive" about the economic outlook.