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The US economy continued to grow at a steady pace since February, with most manufacturers optimistic about the near-term economic outlook, the Federal Reserve said Wednesday.

The US economy continued to grow at a steady pace since February, with most manufacturers optimistic about the near-term economic outlook, the Federal Reserve said Wednesday.

In its latest national economic performance survey, the central bank said that five districts, including Boston, Atlanta, Chicago and Dallas reported moderate growth.

Cleveland, St. Louis and New York reported modest growth. Philadelphia and Richmond cited improving business conditions, while the economy in Minneapolis and Kansas City grew at a solid pace, the Fed said.

The survey, known as the Beige Book, was based on economic information supplied by the Fed's 12 regional banks and was released eight times each year to provide a snapshot of the economy, Xinhua reported.

Manufacturing continued to expand in most districts, with gains noted in automotive and high-technology industries.

Manufacturers in many districts expressed optimism about near-term growth prospects, but they are somewhat concerned about rising petroleum prices, the survey noted.

Retail spending continued to improve in almost all districts, and residential real estate activity improved in most districts, signalling the US economy entered the new year on a strong note.
 News from SME Times

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Comment Preferences

  •  I think manufacturing will be key.... (2+ / 0-)
    Recommended by:
    deha, Supavash

    ....because of its multiplier effect.

    I was heartened to learn in another diary here that our manufacturing decline has only been in the past 10 years -- I thought it was much longer and, hence, a much deeper hole to dig ourselves out of.

    Longer term, I think most companies are looking to resume insourcing of manufacturing jobs for a variety of reasons, including intellectual property, rising shipping costs, unstable supply lines and rising worker costs overseas.

    At least, those are my impressions.

    If Obama doesn't deserve credit for getting Bin Laden because he didn't pull the trigger, Bin Laden doesn't deserve the blame for 9-11 because he didn't fly the planes.

    by Bush Bites on Fri Apr 13, 2012 at 04:54:29 AM PDT

  •  One more thing. (0+ / 0-)

    You should add links.

    That is all.

    If Obama doesn't deserve credit for getting Bin Laden because he didn't pull the trigger, Bin Laden doesn't deserve the blame for 9-11 because he didn't fly the planes.

    by Bush Bites on Fri Apr 13, 2012 at 04:56:40 AM PDT

  •  Yay? (1+ / 0-)
    Recommended by:
    shypuffadder

    Remember that 93% of the growth since the end of the last recession has gone directly into the pockets of the 1%. At this point, GDP growth is only slightly related to public welfare.

    "I'll believe that corporations are people when I see Rick Perry execute one."

    by bink on Fri Apr 13, 2012 at 04:58:38 AM PDT

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