(Reuters) - The U.S. economic recovery accelerated to a moderate pace from late February to early April as consumers, buoyed by increased COVID-19 vaccinations and strong fiscal support, opened their wallets to spend more on travel and other items, the Federal Reserve said on Wednesday.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019.
While most districts said the pace of growth in their regional economies was moderate, the New York Fed said its economy “grew at a strong pace for the first time during the pandemic, with growth broad-based across industries.”The improvement occurred despite an increase in COVID-19 cases in the region, the New York Fed said.
The United States added 916,000 jobs in March, the largest gain in seven months, according to Labor Department data.
One staffing services firm told the Cleveland Fed that pay had for the first time become the top priority of job seekers, surpassing the type of work.
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