U.S. Federal Reserve s survey of national economic situation (commonly called the Beige Book ), said earlier this month from 10 to 11 mid American economy is recovering, but the pace of recovery is still slow.
The report noted that the U.S. housing market remains sluggish, there are several regional bank said in the past six weeks, the local real estate industry becomes more weak. In addition, the U.S. manufacturing sector continues to expand, the steady development of non financial services, festivals anticipated growth in consumer demand, but there are several regional reserve banks that American families become more concerned about the price factor, the cost mainly concentrated in necessities, tourism industry began to become prosperous, new car sales rise.
Published 8 times a year the Federal Reserve Beige Book report, which is the next regular meeting of Federal Reserve monetary policy decision making an important reference material. Beige Book released the same day this year, the last release.
Slow economic recovery
Reported that the 12 Federal Reserve districts from the case show that, overall U.S. economy continues to improve. Almost all area of manufacturing activity continued to expand, and most of the area of consumer spending are good. Almost all manufacturing industries in all regions continue to expand, which the automotive industry and metal processing has shown a relatively strong growth.
The Fed said that the U.S. steady state banks, almost all districts of the lending activities remain stable or improving. There are several areas of the report shows housing market remains in the doldrums, home sales in some areas further weakness. Although most of the area has been improvement in recruitment activities, but the job market remains under pressure.
The Fed said that the jurisdiction of the optimistic expectations of the holiday shopping season, part of the area is expected to be higher than the same period last year sales. However, the report shows that many consumers are price sensitive, and the main buying necessities. Concern for the market rate of U.S. inflation, the Fed said the price and wage pressures remain relatively benign.
Economic or pick up the fourth quarter
Analysts pointed out that the report tepid, showing U.S. economic recovery is weak. The high unemployment and low inflation, is likely to prevent the Federal Reserve raised its benchmark interest rate. 1, Fed Vice Chairman Janet Yellen said the Fed s policy on weak U.S. economic growth is not a panacea, more short term fiscal stimulus, or a useful complement.
Fed s Beige Book showed the U.S. economy from mid October to 11 between mid March still continues to improve, especially in manufacturing activity, especially metal manufacturing and automotive industries, as well as professional services and non financial services. Only with the slowdown in activity related services because of increasing budget constraints. Although prices are still sensitive to consumers, but consumers become more bright future. Housing market is still fragile, lending remained stable. Also, did not show a clear price and wage pressures. Employment activities that have improved in most areas.
Continued good performance of the manufacturing sector into the manufacturing end of the positive contributions on the job market. Improving job market is expected to accelerate in support of U.S. domestic demand to drive the current cycle entered a new phase. CITIC s core assumption that private sector investment and consumption through the next Relay government departments, so that self sustainability of economic recovery, more and more adequate basis. CITIC Securities expects U.S. GDP in 2010 to accelerate recovery in the fourth quarter, an increase of 2.7 in 2010, an increase of 2.8 in 2011, the unemployment rate reached 8.4 in late 2011.
1 Goldman Sachs released a report that will raise the U.S. growth forecasts for 2011. The group economist, said U.S. economic growth in 2011 will be 2.7 , higher than the previous forecast of 2 ; 2012 U.S. economic growth will be 3.6 . Goldman Sachs is expected in the next 2 years, the United States excluding food and energy prices, core inflation rates are likely to both 0.5 .
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