NAM: Fed reports “moderate” economic growth due to manufacturing, housing
Against the backdrop of disappointing recent economic data, the Federal Reserve’s Beige Book released Wednesday provided a more upbeat picture of the economy, media outlets report.Bloomberg News (4/18, Kearns, Matthews) reports that the Federal Reserve said Wednesday that the economy continued to be “moderate,” aided by gains in housing, manufacturing and autos.
USA Today (4/18, Davidson) says that while the report showed economic growth overall, activity in some regions was curtailed due to higher payroll taxes, higher gas prices, Federal spending cuts, and unusually cold weather.
The New York Times/AP (4/18, Subscription Publication) reports, “Growth was moderate or modest in all of the Fed’s 12 banking districts, and it accelerated in two – New York and Dallas – from January and early February.”
The Wall Street Journal (4/18, Sparshott, Subscription Publication) quotes the report as stating, “Labor market conditions remained unchanged or improved slightly, and reports of hiring were more widespread in the manufacturing, residential construction, information technology and professional services sectors.”
Reuters (4/18, Bull) also says that according to the Fed, “Most districts said residential and commercial real estate improved markedly since the last report.”