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Comparing US Fed's views on economy, spending

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CHRISTOPHER S. RUGABER | June 19, 2013 02:37 PM EST | AP

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WASHINGTON — A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting on April 30-May 1:

ECONOMY:

May: The Fed "continues to see downside risks to the economic outlook."

June: Now, Fed policymakers see "the downside risks to the outlook for the economy and the labor market as having diminished since the fall."

JOBS:

Then: "Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated."

Now: More improvement has been seen: "Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated."

INFLATION:

Then: "Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices."

Now: The Fed says that recent declines in inflation are likely temporary: "Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable."