Holiday shopping, strong auto sales and a recovering housing market helped boost the U.S. economy from the middle of November through early January, according to a Federal Reserve survey released Wednesday.
A pickup in consumer spending and steady home sales helped lift economic growth in October and early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy.
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.
The final weeks of 2011 were among the economy's strongest as Americans shopped and traveled more, ending the year with a shot of optimism for 2012. That's the bright picture the Federal Reserve sketched in a survey released Wednesday.
On tap: The Federal Reserve's next Beige Book report, which compiles anecdotal information on current economic conditions from each of the 12 Federal Reserve Bank districts, and results from Smithfield, Talbots and Men's Warehouse.