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The U.S. economy picked up more steam than was expected as it launched into the summer with fairly good momentum.

Manufacturing was better than expected and consumers ignored higher gas prices as they still shopped and went about traveling.

The survey by the federal reserve showed that in most districts, factory production had increased - a big part of the improving outlook. The last report by the Fed had manufacturing slowing in the majority of districts.

Retail sales were up as well, especially in the luxury goods sector which outperformed less expensive goods in some of the areas monitored. It was the biggest gain in 16 months according to a separate report from the Commerce Department. The tourism industry has continued to shine as well.

Hiring picked up in general, but was stronger for skilled workers during the period, yet without increasing wages which is a cause of concern for potential inflationary pressures.

Not surprising, the two main drags on the economy continue to be auto sales and the continuing housing slump, although parts of the New York City area have shown some strength in mortgage lending recently.
 
Most think that the Fed will keep interest rates at 5.25 percent, where they've been for the last year. The hope of some that the rates would be cut are fading with the economy emerging out of its slumber.

Federal Reserve Chairman Ben Bernanke believes the economy will begin a rebound with growth expected between 2.3 percent to 3 percent for the April-to-June quarter.