A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting April 26-27:
ECONOMY AND JOBS:
Now: Today's take is the opposite of the previous meeting: "The pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Although the unemployment rate has declined, job gains have diminished."
Then: "Labor market conditions have improved further even as growth in economic activity appears to have slowed. ... A range of recent indicators, including strong job gains, points to additional strengthening of the labor market"
June: The economy looks better to the Fed than in April: "Growth in household spending has strengthened. Since the beginning of the year, the housing sector has continued to improve and the drag from net exports appears to have lessened, but business fixed investment has been soft."
April: "Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft."