The U.S. economy continues to heal, but at a modest pace and with limited hiring, the Federal Reserve reported in its latest survey.
The biggest worry is that employers are cautiously optimistic, but not eager to being replacing lost jobs. “Hiring remains limited, with many firms reluctant to add to permanent payrolls given economic softness,” the Fed concluded in its anecdotal survey known as the Beige Book.
In the Richmond region, which includes the Carolinas, the Fed noted moderate improvements in business activity, including among retailers and in the labor market. But the report painted a mixed picture of this region's economy, reflecting the uncertainty many businesses and consumers feel about where things are headed.