US Fed says firms optimistic but jobs gaining only slowly

WASHINGTON - Activity in the American economy expanded only "modestly" in recent weeks but firms are becoming more upbeat about their prospects as COVID-19 vaccines are rolled out nationwide, the Federal Reserve said Wednesday.

However, the employment gains are slow and companies are again reporting difficulty finding and retaining workers, the Fed said in its "beige book" survey of economic conditions.

In the New York region, the only one of the Fed's 12 districts to see activity slow, businesses "have grown considerably more optimistic about the near-term outlook," the report said.

AFP