CullmanTimes.com - Cullman, Alabama

Business

March 7, 2013

Fed survey: US economy growing throughout country

WASHINGTON — Strong auto sales, better hiring and a continued housing recovery helped the U.S. economy grow in January and February throughout the country, according to a survey released Wednesday by the Federal Reserve.

The survey noted that 10 of the Fed's 12 banking districts reported moderate or modest growth, while the Boston and Chicago districts reported slow growth.

Consumer spending increased in most regions, although spending growth slowed in many districts and much of the gains were driven by auto sales. Many districts said consumers pulled back slightly elsewhere after seeing taxes rise and gas prices increase. Some also expressed concerns about federal spending cuts that started on March 1.

Housing markets showed more strength in nearly all parts of the country. Manufacturing grew modestly in most regions after struggling in through most of 2012. And many districts reported improvement in individual jobs markets.

The report, called the Beige Book, provides anecdotal information on economic conditions through February 22. The information will be discussed along with other economic data during the Fed's next policy meeting on March 19-20.

Analysts said the report was slightly more upbeat than the previous Fed survey, noting the modest rebound in manufacturing in the past two months. Jennifer Lee, senior economist at BMO Capital Markets, called the latest survey "more encouraging news on the U.S. economy."

Many economists believe Fed officials will maintain their low-interest rate policies at current levels but take no new steps at the March meeting.

In January, the Fed stood behind aggressive steps it launched in December to try to reduce unemployment. It repeated that it would keep its key short-term interest rate at a record low at least until unemployment falls below 6.5 percent. And the Fed said it would keep buying Treasurys and mortgage bonds to help lower borrowing costs and encourage spending.

The unemployment rate was 7.9 percent in January when the Fed last met.

The economy has shown improvement since then, even as Americans paid higher taxes and automatic government spending cuts loomed. On Jan. 1, nearly all Americans who draw a paycheck began paying higher Social Security taxes and income taxes rose for the highest earning workers.

The tax increases and broader budget debate in Washington haven't slowed financial markets.

The Dow Jones industrial average closed Tuesday at a record high and kept rising Wednesday. The index of 30 big corporations has more than doubled since hitting a low during the financial crisis in March 2009.

Consumer confidence rose in February from January, according to surveys by both the Conference Board and the University of Michigan. Factories and service companies both grew at the fastest pace in at least a year, according to surveys issued Friday and Tuesday by the Institute for Supply Management.

And payroll processor ADP said Wednesday that U.S. businesses added 198,000 jobs in February. The private survey also revised January's hiring figures to show companies added 215,000 jobs that month, 23,000 more than what had initially been reported.

The figure suggests that the government's February jobs report, to be issued Friday, may come in above economists' forecasts. Analysts expect it will show the economy added 152,000 jobs and the unemployment rate dipped to 7.8 percent from 7.9 percent in January.

 

1
Text Only
Business
  • Facebook tests button to let people shop from its website

    Members on desktop computers or mobile devices can click a "buy" button to make purchases through advertisements or other posts on the world's largest social network, the Menlo Park, California-based company said Thursday in a blog post.

    July 18, 2014

  • WSCC HILL.jpg Hill hits the ground running at Wallace State

    Marcie Hill of Double Springs likes taking on new challenges. As an 18-year veteran of the education system, Hill has taught first grade, sixth grade and served as a reading coach to students and teachers in Kindergarten through sixth grade.

    July 16, 2014 1 Photo

  • VIDEO: A boom in firework sales

    This year could be quite the boom for fireworks sales across the U.S. According to the American Pyrotechnics Association, or the APA, sales are already off to a good start.

    July 3, 2014

  • Edward Jones Recognized as 2014 Most Valuable Employer for Military by CivilianJobs.com

    Local financial services firm Edward Jones in the Cullman-area was named a 2014 Most Valuable Employer (MVE) for Military by CivilianJobs.com, recognizing the firm's deep committment to recruiting, training and retaining military veterans as financial advisors.
     

    June 23, 2014

  • CRMC welcomes Harrison.jpg CRMC Welcomes Adam Harrison, DO to the Medical Staff

    Cullman Regional Medical Center (CRMC) is pleased to welcome Adam Harrison, DO to the Medical Staff. Dr. Harrison is originally from Cullman and graduated from Cullman High School in 2002. He obtained his bachelor of biomedical science degree from Auburn University in 2006, and attended Wallace State Community College prior to Auburn. He received his degree in osteopathic medicine in 2010 from Philadelphia College of Osteopathic Medicine Georgia Campus in Suwanee, Ga. He successfully completed an internship through Columbus Regional Medical Center in Columbus, Ga., in 2011. He will complete his residency through UAB Family Medicine in Huntsville, Ala.
     

    June 16, 2014 1 Photo

  • Deadly guardrails spearing drivers is whistleblower's crusade

    Harman is suing Trinity Highway and its Dallas-based owner, Trinity Industries Inc., alleging that it made quiet design changes that transformed guardrail systems across the U.S. into potentially deadly hazards.

    June 12, 2014

  • google-seo-search-results-screenshot.jpg Your new boss is going to Google you, so make sure she likes what she sees

    This is what a professional online reputation management "campaign" looks like: four people — one patched in via video — around a conference room table, jotting notes on laptops, carefully examining every trace of a client's digital existence and plotting a strategy to improve it.

    June 11, 2014 1 Photo

  • Merchants Bank promotes 1.jpg Merchants Bank promotes four officers

    The Board of Directors of Merchants Bank of Alabama, a community bank since 1907, recently announced the promotions of four key officers.
    Kerry Hanvey was promoted from vice president of retail banking to senior vice president of operations. Kerry joined the bank in 1992 and has served in various positions over this 22- year period. Kerry is responsible for bank wide operations for the five bank offices.
     

    June 11, 2014 4 Photos

  • Chamber's June Small Biz of Month.jpg Chamber's June Small Business of the Month winner

    The Cullman Area Chamber of Commerce recently awarded their Small Business of the Month award to Quick Tire Sales of Cullman. The award is given monthly to a local small business that meets nomination requirements. Victor Quick of Quick Tires Sales was thrilled for their business to be selected for this honor.
     

    June 11, 2014 1 Photo

  • $15 minimum wage puts Seattle in uncharted waters

    Depending on which pundit is nattering away, this means Seattle is either going to fall off the map and become a "Mad Max"-style economic wasteland or transform into an egalitarian utopia that inspires sweeping pro-labor activism nationwide.

    June 9, 2014