The economy headed into the spring season with solid momentum, helping to generate more employment opportunities and keep factories humming, the Federal Reserve reported Wednesday.
Overall economic activity continued to expand into early March even as the housing market flashed fresh signs of cooling after a red-hot, five-year stretch of record-high sales, the Fed said in its new snapshot of business activity around the country. Thus far, the strengthening labor market is translating into modest wage gains for the average worker in most of the Fed regions, the report said. The survey is based on information supplied by the 12 regional Federal Reserve banks.
