All Areas of the Country Show Growth, Fed Reports

×
All areas of the country show growth, Fed reportsWASHINGTON (AP) - The U.S. economy started the year off well with busier factories, higher retail sales, more jobs and growth in home sales.

The Federal Reserve said Wednesday that all 12 of its banking districts reported some level of growth in January and the first half of February.

Manufacturing output rose in all districts. Auto manufacturing, steel makers and other metal producers all reported solid growth.

Home sales increased in at least half of the districts, a notable improvement from the Fed's last report in January. Sales are expected to climb further in four districts. And six districts reported rising construction of apartments.

Some manufacturers did report concerns about Europe's financial crisis, the Fed said in its report, known as the Beige Book.

The Beige Book is released eight times a year. The findings from each of the Fed's regional bank districts are all anecdotal; there are no numbers.

The report comes amid other signs that the economy is picking up. Employers have added an average of 200,000 net jobs per month in November, December and January. That has pushed the unemployment rate down for five straight months, to 8.3 percent in January.

Most economists are predicting another big month of job growth in February, based on a steady decline in applications for unemployment benefits and more optimism in business surveys.

More jobs have boosted Americans' incomes and their ability to spend, a key driver of economic growth. Incomes increased in the second half of last year by much more than previously estimated, the Commerce Department said Wednesday.

Factory production jumped last month and December was their strongest month of growth in five years, the Fed said earlier this month in a separate report. Consumer confidence rose to its highest point in a year this month, as measured by the Conference Board.

Even the depressed housing market is flashing signs of a modest rebound.

Homebuilders are increasingly optimistic after seeing more people express interest in buying a home. Sales of previously occupied homes have reached their highest level since May 2010, one month after a federal tax credit expired. And contract signings to buy a home kept rising in January, suggesting completed home sales will continue to increase.

Increase your money and finance knowledge from home

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Add a Comment

*0 / 3000 Character Maximum

16 Comments

Filter by:
Adriani Giordano

fannie and freddie must write down the balances to market value on their 60 million mortgages WITHOUT RETAINING 25% OWNERSHIP!....who the hell do they think they are??...they want 25% ownership of my house???and 60 million other people???...we will be mailing in our key, walking away....all of us!.....we didn't cause the housing problem ...the banks did.....we stayed and we payed our mortgages ...watched our equity disapeer......now you want 25% of my house too??.....LETS JUST DESTROY THE BANKS PERIOD....TURN OVER OUR KEYS AND JUST WALK AWAY....THEN THE ENTIRE BANKING INDUSTRY WILL BE DESTROYED FOR GENERATIONS TO COME...THATS BETTER THAN BEING A SLAVE TO A BANK!....who the hell do they think they are???.....pushing us around??...we have all the cards this time...they have nothing but mers mortgages...worthless titles.....

March 11 2012 at 3:36 PM Report abuse rate up rate down Reply
Adriani Giordano

fannie and freddie must write down the balances to market value on their 60 million mortgages WITHOUT RETAINING 25% OWNERSHIP!....who the hell do they think they are??...they want 25% ownership of my house???and 60 million other people???...we will be mailing in our key, walking away....all of us!.....we didn't cause the housing problem ...the banks did.....we stayed and we payed our mortgages ...watched our equity disapeer......now you want 25% of my house too??.....LETS JUST DESTROY THE BANKS PERIOD....TURN OVER OUR KEYS AND JUST WALK AWAY....THEN THE ENTIRE BANKING INDUSTRY WILL BE DESTROYED FOR GENERATIONS TO COME...THATS BETTER THAN BEING A SLAVE TO A BANK!....who the hell do they think they are???.....pushing us around??...we have all the cards this time...they have nothing but mers mortgages...worthless titles.....

March 11 2012 at 3:35 PM Report abuse rate up rate down Reply
midsr4kids

would like to see the bio on the author who "penned" this propagnda.."Eamon" Murphy sounds like "IMAN" aka muslim cleric or magician. Democrats are notorious for using straw men to post "good times" news in the face of hard fact,often using synonyms (EAMON) for (IMAN) because they believe they are superior to you ,due to college attendance,often at your expense.Check out who is posting these articles and thier motivations before you believe anything read. Simple advice enough, but lost on the current age. Remeber it's not democracy if it's paid for by Barack Otoolbox for president 2012!

March 01 2012 at 11:13 AM Report abuse rate up rate down Reply
1 reply to midsr4kids's comment
bggdg

The author is reporting economic data that has been released.

If you'd prefer not to read it, don't.

Ignorance is bliss, they say!

March 01 2012 at 12:04 PM Report abuse -1 rate up rate down Reply
midsr4kids

I would like to see the bio on the author who "penned" this propagnda.."Eamon" Murphy sounds like "IMAN" aka muslim cleric or magician. Democrats are notorious for using straw men to post "good times" news in the face of hard fact,often using synonyms (EAMON) for (IMAN) because they believe they are superior to you ,due to college attendance,often at your expense.Check out who is posting these articles and thier motivations before you believe anything read. Simple advice enough, but lost on the current age. Remeber it's not democracy if it's paid for by Barack Otoolbox for president 2012!

March 01 2012 at 11:13 AM Report abuse +1 rate up rate down Reply
wfreeberg

I believe you are all missing the point. The statement is that the economy is getting better, not that everything is OK. We still have a long way to go.

March 01 2012 at 6:15 AM Report abuse rate up rate down Reply
bggdg

It's no coincidence economic activity is picking up just as failed Keynsian pump-priming is finally on the wane (thank you "gridlock"!). Federal spending peaked at 25.3% of GDP back in 2009, and is currently running at 23.7% (still too high, but at least moving in the right direction).

February 29 2012 at 9:56 PM Report abuse -1 rate up rate down Reply
Remarks 208

Anyone who believes any report created by the obama administration on the economy is a candidate to buy swamp land in Florida and ocean front property in Iowa. Every single economic report issued by the career academians and/or career liberal bureacurats is "revised" negatively and buried in a late friday document dump a couple of weeks later. The left, and their cohorts in the media are priming the spin (aka: lie) pump to try once again con the fools that elected obama in the first place with their portfolio of lies - to do it again....

February 29 2012 at 9:52 PM Report abuse +2 rate up rate down Reply
1 reply to Remarks 208's comment
bggdg

Actually, these reports of economic data don't come from the Administration.

Furthermore,as of late most of the data have been revised upward.

But don't let any facts get in your way!

March 01 2012 at 12:06 PM Report abuse -1 rate up rate down Reply
tropicsilk

Maybe the reporters should get together or at least read each others reports. Housing below post 2006 levels. This article just ignores those facts in another Huffpo atricle. Which is fact and which is fiction? Too much propaganda from all sides. Where is there some objective reporting? Mmm can you smell those cooked books?

February 29 2012 at 9:01 PM Report abuse +3 rate up rate down Reply
tropicsilk

Maybe the reporters should get together or at least read each others reports. Housing below post 2006 levels. This article just ignores those facts in another Huffpo atricle. Which is fact and which is fiction? Too much propaganda from all sides. Where is there some objective reporting? Mmm can you smell those cooked books?

February 29 2012 at 8:57 PM Report abuse +1 rate up rate down Reply
jdykbpl45

More lies from Obama, Bernake, Reid, Pelosi, Geithner, and the huff puff post.

February 29 2012 at 4:56 PM Report abuse +1 rate up rate down Reply