According to the Federal Reserve, America’s labor market is showing improvement this year due largely to increasing retail sales and a strong growth in manufacturing.
In its Beige Book report, the Federal Reserve reported that all Districts are reporting some improvement, as labor market conditions improve and are growing considerably. This news beats the last survey, which was January 12th, which stated that the job market was “firming somewhat.”
The central bank in Washington has reported that the economy has continued to expand moderately. Many regional banks, including San Francisco and Philadelphia, are describing their regions and economies as growing stronger and experiencing moderate growth. In fact, eleven of the Federal Reserve’s 12 regional banks have reported a good amount of growth, with only Chicago reporting a slight decline in growth.
The last meeting in January among policy makers saw optimistic views on the economy, but still there was some dissatisfaction with job growth. A plan to purchase $600 billion in Treasuries through June was proposed, with hopes of increasing economic growth.
According to Michael Moran, Chief Economist at Daiwa Securities America, Inc, the manufacturing sector is strong and growing well. Cities such as Boston, Cleveland, Minneapolis, and Dallas reported “noticeable improvements” and have high expectations for continued growth and recovery.
Regarding the Labor Department, it is reported that the world’s largest economy added 190,000 jobs in February, which is the most jobs added since May of 2010.
Regarding the real estate sector, the Beige Book reports that it is varied and overall it is not growing nor digressing, but optimism remains for a year of growth and recovery for 2011.
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