federal reserve beige book
Pablo Martinez Monsivais/APFederal Reserve Chair Janet Yellen in testimony Wednesday before the House Financial Services Committee.
By Lucia Mutikani

WASHINGTON -- The U.S. economy continued to expand in recent weeks, with manufacturing activity widening and employers in several parts of the country reporting difficulties finding skilled workers, the Federal Reserve said on Wednesday.

In its Beige Book report of anecdotal information on business activity collected from contacts across the nation, the U.S. central bank said five of its 12 districts described the pace of growth as "moderate," with the remaining districts viewing the expansion as "modest."

"Most districts were optimistic about the outlook for growth," the Fed said.

The report, compiled by the Federal Reserve Bank of Kansas City from data collected before July 7, fits in with employment, manufacturing and other data that have pointed to strong growth in the second quarter and buoyed the economy's prospects for the remainder of this year.

Output contracted sharply in the first three months of the year as the economy was slammed by bad weather, a slow pace of inventory accumulation and the end of long-term unemployment benefits.

The Beige Book found that consumer spending had increased in recent weeks in most districts, with automobiles dominating sales growth. Manufacturing continued to improve in all districts, with growth occurring across many sub-sectors, the Fed said.

Not only were labor market conditions improving in all districts, employers in several districts were finding it difficult to find skilled workers, it said. While that had pushed up compensation in those areas, overall wage pressures remained contained.

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Obama promised to cut the deficit in half; instead he gave us five consecutive trillion dollar deficits. He promised to spend responsibly; instead now owns the title of biggest spender in world history. He called Bush’s $4 trillion in debt over 8 years reckless, then proceeded to pile on $7 trillion in only 5 years. He swore to be on the side of small business, but he added 6,118 new rules, regulations and mandates in just the last 90 days. He claimed taxes are low, yet he just raised taxes to the same level as bankrupt EU countries like Greece, Spain, Italy and France. Our federal income taxes are now far higher than former Soviet Republics.
Now I ask you- Does this sound like a man trying to “save” us?

August 05 2014 at 8:03 PM Report abuse rate up rate down Reply

I think "Fed Skilled Worker" is an oxymoron. Still, I think the way things seems to magically happen in the Federal government shows that there is a lot of skill at everything but getting the job done.
Don't fail! Fail upward!

July 18 2014 at 10:47 AM Report abuse rate up rate down Reply

Gee. You mean driving a donkey cart in El Chorro isn't good basic training for being a skilled worker in the USA??? Who knew??? LOL

July 16 2014 at 7:17 PM Report abuse -1 rate up rate down Reply

The silver tsunami has begun.

In the next 15 years 30% of the workforce will leave the work force. Most of these workers will take their skills, experience and knowledge with them and proceed to retirement. There will be a labor shortage like we have never seen before and wages for skilled workers will skyrocket.

it's a great time to be young and just entering college or trade school or older and looking forward to a life of endless vacation. I wouldn't want to be trying to run a company though, it's going to really tough to grow and make a profit.

July 16 2014 at 3:11 PM Report abuse +2 rate up rate down Reply
1 reply to digitalmag's comment

ONLY if you are smart enough to do 2 years at a Community College and THEN apply into a degree that will actually have opportunities. Do your research so you do not become an "indentured servant" with buttloads of student debt.

July 18 2014 at 10:48 AM Report abuse rate up rate down Reply

People are too lazy, free everything nowadays.
Besides, all the jobs are moving overseas, good job USSA.

July 16 2014 at 2:37 PM Report abuse -4 rate up rate down Reply