InfoAnda - Fed Beige Book Says Economy Grew "Somewhat"

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Fed Beige Book Says Economy Grew "Somewhat" Email Facebook Digg Twitter Buzz Up! ShareThis April 14, 2010 3:45 p.m. EST Topics: politics, regulatory policy and organization, economy, business and finance, economy, United States Mitchell Jaworski - AHN News Reporter Washington, DC, United States (AHN) - The Federal Reserve announced Wednesday that the U.S. economy expanded “somewhat” in nearly all of its districts during March on strengthening manufacturing and consumer spending. The report, which is compiled from survey information from all 12 Federal Reserve banking districts, showed that retail sales and vehicle sales improved in most districts, while manufacturing increased in every district except St. Louis. “Overall economic activity increased somewhat since the last report across all Federal Reserve districts except St. Louis, which reported 'softened' economic conditions,” according to comments in the Beige Book. Despite increased activity in manufacturing and consumer spending, the Fed said labor markets generally remained weak. Some hiring activity existed, but mainly for temporary staff. Cleveland, Richmond, Atlanta, and Chicago all reported strong demand for temporary workers. As for consumer spending, New York and Cleveland reported that recent sales strengthened, while sales in Richmond and Kansas City rebounded. Many districts described consumers as more confident, according to the report. Manufacturing activity continued to improve with nearly every district reporting increased orders and shipments. Cleveland, Richmond, Atlanta and Chicago reported increased production of autos and auto parts. Real estate improved in most districts during March. However, Philadelphia, Cleveland and Kansas City all expressed concerns about continued sales growth after the homebuyer tax credit expires. The information in the Beige Book was collected up till April 5 and is factored into the Federal Open Market Committee’s decisions on economic policy. The FOMC meets on April 27. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Britney Spears Releases Unedited Shots From Ad Campaign Sandra Bullock Met With Woman Who Accused Jesse James Of Sexual Harassment Sigourney Weaver Thinks “The Hurt Locker” Director Kathryn Bigelow Only Won Oscar Because She’s Female “American Idol” Judge Kara DioGuardi, Colbie Callait Strip For Allure Magazine Florida Democrat Wins First Congressional Election After Healthcare Vote NCAA Probing West Virginia Football For Rules Violations Under Rodriguez Miley Cyrus Shoots "Edgy" Music Video For New Single "I Can't Be Tamed" Cowboys Owner's Verbal Swipes At Parcells, Tebow Caught On Camera Escaped Louisiana Inmates Captured In South Florida Leighton Meester And Robert Pattinson Reportedly Hooked Up Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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