Newsroom
November 30, 2016
Fed Beige Book shows economy continues to expand
Economic trends identified in the November Federal Reserve Beige Book point to a clear path for an interest-rate hike later this month, NAFCU's Curt Long said Wednesday.
The Fed's report showed that the economy continued to expand across most regions from early October through mid-November.
"The economy has shown clear improvement in the second half of 2016," said Long, NAFCU's chief economist and director of research. "With wage growth finally starting to take root, consumers are well-positioned to drive the economy in 2017. Barring a disaster of a jobs report on Friday, the path is clear for the Fed to raise rates later this month."
The report, a collection of comments received from businesses and other contacts outside the Federal Reserve, showed that a majority of districts reported higher retail sales, especially for apparel and furniture. Residential real estate activity also reportedly improved across most districts.
Sales of new vehicles declined in most areas, with a few districts noting a shift in demand for used vehicles.
Labor market conditions continued to expand during the period. As in the past four Beige Books, wage growth was modest.
This Beige Book also noted slight overall price growth.
The Fed's report showed that the economy continued to expand across most regions from early October through mid-November.
"The economy has shown clear improvement in the second half of 2016," said Long, NAFCU's chief economist and director of research. "With wage growth finally starting to take root, consumers are well-positioned to drive the economy in 2017. Barring a disaster of a jobs report on Friday, the path is clear for the Fed to raise rates later this month."
The report, a collection of comments received from businesses and other contacts outside the Federal Reserve, showed that a majority of districts reported higher retail sales, especially for apparel and furniture. Residential real estate activity also reportedly improved across most districts.
Sales of new vehicles declined in most areas, with a few districts noting a shift in demand for used vehicles.
Labor market conditions continued to expand during the period. As in the past four Beige Books, wage growth was modest.
This Beige Book also noted slight overall price growth.
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