Arab Today, arab today feds book us economy growing across country
Last Updated : GMT 04:33:33
Arab Today, arab today
Arab Today, arab today

Fed's Book: US economy growing across country

Arab Today, arab today

Arab Today, arab today Fed's Book: US economy growing across country

An American Flag in a ferry terminal in New York City
Washington - AFP

 The US economy is now growing all across the country, recovering at a "moderate" to "modest" pace after brutal winter weather, the Federal Reserve said in a report Wednesday.
"All twelve Federal Reserve Districts report that economic activity expanded," said the Fed's latest "Beige Book" report, based on a survey of economic conditions in recent weeks.
That marked an improvement from the previous Beige Book, released on April 16, when two districts -- Cleveland and St. Louis -- reported a decline in economic activity as the economy was emerging from a first-quarter contraction of 1.0 percent.
The May Beige Book said growth was described as "moderate" in seven Fed districts and "modest" in five. Activity in the area around Kansas City slowed slightly.
"Overall, this report is consistent with our expectation of a pick-up in growth in the second quarter after a weather-related contraction in Q1," said Cooper Howes of Barclays in a research note.
The May report, covering a survey period through May 23, will be used at a monetary policy meeting of the Federal Open Market Committee on June 17-18.
The FOMC is expected to continue to pare another $10 billion  from its asset-purchase program aimed at supporting growth, taking it to $35 billion a month.
Consumer spending, the engine of two-thirds of US economic activity, grew at a "moderate" pace across almost all districts, the report said.
"Although improved weather generally gave a boost to business, lingering wintry weather in the Northeast continued to weigh on sales in parts of the Boston and New York districts," it said.
There was "brisk growth" in vehicle sales overall. Sales of new vehicles were "robust" and continued to outshine sales of used cars and trucks.
Several districts noted "particularly strong" demand for auto loans, including Cleveland, Atlanta, Chicago, Dallas, and San Francisco.
Non-auto retailers reported mixed results, the report said. Cold and wet weather was somewhat of a drag in the Boston and New York districts.
A number of districts noted that the late Easter holiday this year, combined with the late arrival of warm weather, had pushed back the spring shopping season.
Tourism was viewed as "fairly strong" in much of the country, including in New York, Boston and Atlanta.
Nonfinancial services had mixed performances, while banking and financial services saw loan demand strengthen on the whole.
Manufacturing, the key element of US industrial production, increased in all 12 districts, improving from "most" districts in the last report.
The housing market's performance was mixed, with several districts saying lack of inventory was holding back sales.
- Labor market improves -
The ailing labor market, the Fed's primary concern as it calibrates its exit from exceptional stimulus, signaled further gains ahead of Friday's government jobs report for May.  
Respondents generally said that labor market conditions had improved since the previous report, with hiring activity "steady to stronger across most of the country."
But several districts continued to point out employers were having trouble finding skilled workers.
Wage pressures remained "subdued" in most of the country, the report said, amid still-elevated unemployment, with the jobless rate at 6.3 percent in April.
Wage increases were seen among highly skilled workers in information technology, engineering, professional services, and some skilled trades.
On the inflation front, price pressures were "contained," with most districts reporting that both input and finished goods prices were little changed or up only slightly since the previous report.
Although inflation continues tread well below the Fed's long-term target of 2.0 percent, the central bank has repeatedly said it expects prices eventually will turn higher.
Energy activity increased "modestly," the report said, with the San Francisco district reporting that crude oil production rose "robustly." Crude oil prices increased. Natural gas production was stable "at a high level."
Agriculture, which represents a tiny fraction of the economy, suffered in several regions from dry or drought conditions or wet field conditions. Dairy demand surged in Dallas, especially for export, pushing dairy product prices to record highs.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today feds book us economy growing across country Arab Today, arab today feds book us economy growing across country

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday