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News Summary: Fed sees improved economic growth

The Associated Press

GROWTH INCREASES: A Federal Reserve survey says economic growth increased around the country from April through late May. Eleven the Fed's banking regions reported "modest to moderate" growth, while Dallas reported strong growth.

BROAD STRENGTH: The Beige Book survey showed most districts reported stronger home construction, more consumer spending, greater manufacturing activity and steady hiring.

IMPACT ON FED POLICY: The modest or moderate improvement reported for most districts appears to fall short of the strong and sustained growth that several Fed members have said is needed before the Fed starts tapering its bond purchases.