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Fed's 'Beige Book' Offers Encouraging Economic News

Comstock Images/Thinkstock(WASHINGTON) -- The Federal Reserve's latest Beige Book report finds that the economy is growing at a "moderate pace" and that hiring, contrary to the Labor Department's figures last week, held steady during May.

According to the study by the nation's central bank, "Economic outlooks remain positive, but contacts were slightly more guarded in their optimism."

Most of the job growth occurred in manufacturing, construction, information technology and professional services sectors.  In a further sign the jobs market might be getting better, some areas of the country are having a hard time finding qualified people, especially in the high-tech field.

Still, the Beige Book report contained the ongoing worries about the European debt crisis and Washington lawmakers' inability to compromise on pressing issues including the debt ceiling and extending tax cuts.

Copyright 2012 ABC News Radio

ABC News Radio