por admin » Mié Abr 11, 2012 1:29 pm
La expansion continua en las 12 regiones
ECONOMYApril 11, 2012, 2:15 p.m. ET
Beige Book: Expansion Continues
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By JEFFREY SPARSHOTT
The U.S. economy continued to expand at a modest-to-moderate pace from mid-February through the end of March, though rising petroleum prices are causing some concerns for consumer spending and transportation costs, the Federal Reserve said in a report released Wednesday.
In its latest beige-book report based on anecdotes collected from business contacts and economists spread across the nation, the Fed said economic activity expanded throughout its 12 districts, underpinned by a stronger manufacturing sector, better demand for professional business services, positive consumer spending, increased tourism and some improvement in the residential-real-estate market.
"While the near-term outlook for household spending was encouraging, contacts in several Districts expressed concerns that rising gas prices could limit discretionary spending in the months to come," the Fed report said.
Manufacturers in many districts also were optimistic about near-term growth prospects, though they were somewhat concerned about rising petroleum prices, it said.
Other contacts in several districts echoed worries of rising petroleum prices, with Cleveland, Richmond, Atlanta, Chicago, Kansas City, and Dallas banks citing rising transportation costs. "Richmond reported that rising fuel costs were a serious problem for both land and ocean shippers, while intermodal transportation firms in Dallas said that they had increased prices in response to higher fuel costs," the report said.
Still, overall price inflation was modest and wage pressures were contained, the report said.
The Federal Reserve Bank of Cleveland prepared the economic snapshot based on information collected on or before April 2. The beige book will be used for discussions at the Fed's next policy-setting meeting April 24 and 25.
At the last such meeting, in March, Fed officials said they expected to keep short-term interest rates close to zero through late 2014, an easy-money policy aimed at helping to spur spending and investment.
The central bank hasn't ruled out a third round of bond buying as part of its efforts to support the economy, though officials appear to be in no hurry to launch further quantitative easing even after a weaker-than-expected March jobs report.
"It is way too early to conclude that the economy is sputtering and the employment progress we've made is sputtering out," even though it is clear the slower pace of job gains seen last month was disappointing, Atlanta Fed President Dennis Lockhart said earlier Wednesday.
Still, because of uncertainties in the economic outlook, Lockhart said it is too soon to take any options off the table.
Underscoring broad risks to the economy, manufacturers in Boston and Cleveland districts expressed concern about Europe's ongoing financial crisis.
The beige book found steady or modest increases in hiring in Boston, New York, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Dallas and San Francisco districts. New York employers are planning to increase hiring activity, while Boston, Richmond and Atlanta businesses remain cautious "and need to see more robust growth before they expand their permanent payrolls further," the report said.
The Fed is charged with keeping prices stable and maximizing employment. Low inflation gives officials more latitude to loosen monetary policy in an effort to boost growth.