Fed Survey Says Recession Is Easing

Jeannine Aversa

WASHINGTON -- The economy's sharp downhill slide eased in the late spring, and hopes for future business activity improved, suggesting that the worst of the recession has passed.

A Federal Reserve snapshot of economic conditions issued Wednesday found that five of the Fed's 12 regions said that the "downward trend is showing signs of moderating."

In addition, "several" regions said that their expectations of future business activity have improved, although they don't see a "substantial increase" through the end of the year, according to the Fed report. In the last survey, several regions simply noted signs of some stability at low levels. ...