Building upon the positive assessment found in the Federal Reserve’s last Beige Book, the most recent Fed survey shows the US economy continued to expand from early October through the middle of November as real estate markets, retails sales and business service firms enjoyed growing activity.
The latest report is based on information collected on or before Nov. 18, and outlooks are mainly positive with half of the 12 districts expecting moderate growth, Bloomberg reports. Seven districts noted a tightening labor market, with the job market in Chicago becoming so competitive firms are having a hard time filling positions at any skill level.
Several districts reported market jitters likely due to the presidential election, but nothing more than soft vehicle sales and slightly fewer job openings than reported in stronger markets. The Fed meets next on Dec. 13 and Dec. 14 to discuss the country's economic growth and future stimulus plans, and traders overwhelmingly expect the central bank to raise interest rates by at least a quarter of a percentage point. [Bloomberg]
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