Business

Fed: Recovery spreads but doesn’t spur hiring

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WASHINGTON (AP) — The economic recovery is spreading to more parts of the country but has yet to spur companies to ramp up hiring.

A new Federal Reserve survey underscores the duality of the economic turnaround: even as the economy grows and the recovery extends its reach geographically, more than 15 million people remain unemployed.

The Fed says that although “economic activity remains at a low level, conditions have improved modestly further.” However, the Fed also notes that “labor market conditions remained soft” in most of the Fed’s 12 regions as the new year started.