Economic Growth in November- “Coming into 2015 with Positive Momentum”

A survey conducted by the Federal Reserve indicates a high rate of hiring across a multitude of industries. The data supports latest figures indicating a growth in market strength. The “Beige Book” used reports collected on or prior to November 24 by regional federal banks.

The report is important for federal policy makers who are scheduled to meet December 16th and 17th to discuss a potential rise in interest rates. The first rise since 2006. Consumer spending increased, gasoline prices decreased, and business contracts reflected a positive outlook. Jerry Webman, chief economist at OppenheimerFunds Inc. in New York, says,

I can’t remember seeing one that’s been this positive… You are coming into 2015 with positive momentum.”

The monthly labor department report will be published tomorrow and is expected to reflect a 230,000 jobs increase in non-farm payrolls last month, along with an unemployment rate of about 5.8 percent. This rate reflects a six-year low.

 

Read more here- “Fed Beige Book Shows ‘Widespread’ Job Gains Across US,” (Jeff Kearns, Bloomberg)

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Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.

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