por admin » Mié Abr 13, 2011 1:31 pm
La economia mejora dice el Fed
ECONOMYAPRIL 13, 2011, 2:07 P.M. ET
Fed Reports Economic Improvement
By LUCA DI LEO
The U.S. economy continued to improve across all regions at the end of February and through March, with most of the Federal Reserve's 12 districts reporting widespread gains, the Fed said Wednesday.
In its latest beige book, the Fed said the weak jobs market was also doing better, with hiring still strong in manufacturing, a sector that continued to lead gains.
Higher costs for commodities and raw materials led some companies to raise prices, but the ability to pass on higher prices to consumers varied across regions and sectors. With wage pressures subdued, there was little sign of concern about inflation in the report.
The Fed survey of regional economies, which was prepared by the Richmond Fed based on information collected before April 4, will be used at the Fed's next policy-setting meeting April 26-27. Top Fed officials have in recent days signaled they will keep credit cheap because unemployment is still high and inflation, while rising, is expected to remain subdued.
"Reports from the twelve Federal Reserve Districts indicated that economic activity generally continued to improve since the last report," the central bank said.
Retail sales, a key indicator of the consumer spending that powers the economy, rose in most areas of the U.S. and manufacturing grew solidly.
In the Boston district, retailers reported mixed results and sales remained weak in the Richmond area. But all other regions experienced at least slight gains in consumer spending and the New York Fed district cited "robust sales," the report showed.
U.S. consumer spending remained resilient in March despite rising gasoline and food prices and continued weakness in the jobs market. The Commerce Department said Wednesday that sales rose 0.4% in March from February and figures from the previous two months were revised upward. However, the housing and trade sectors remain a drag on the economy, which is expected to have slowed down in the first quarter from the 3.0% annual gain seen at the end of 2010.
While reports focusing on the near-term outlook were mostly upbeat, uncertainty remained high in several regional economies, the beige book said. Many companies are worried that unrest in North Africa and the Middle East could lead to oil prices rising further, as well as the consequences of Japan's earthquake and nuclear crisis.
The Fed offices in Boston, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, and Dallas all noted that companies in their areas had or expect disruptions to sales and production as a result of the tragedy in Japan.
Higher prices for oil, grains, metals and other global commodities were widely reported to be putting increasing pressures on prices, with energy prices cited most often.
Input prices rose particularly for petroleum-based products, cotton and other agricultural commodities, the beige book said. Shippers added fuel surcharges in several regions.
The ability to pass through higher costs to consumers varied, however.
Some manufacturers in Boston were raising their prices. But in the Chicago and Atlanta districts, retail and construction firms had little success in increasing prices. The San Francisco Fed business contacts reported a limited ability to pass through higher input prices on anything other than food and gasoline.
With wage pressures described as contained or modest in most areas -- workers are unable to push for pay increases because the jobs market, while improving, remains weak -- most Fed officials expect inflation to stay under control. In turn, this allows the central bank to pursue its easy-money policies to encourage economic growth and cut unemployment.