Americans can expect good days as Federal Reserve announced that the economy grew this fall due to higher home buying and construction as well as higher spending.
According to abcnews.go.com, Federal Reserve released their Beige Book, a report that is being released in every eight years which "consists of anecdotal reports from businesses in each of the 12 districts."
The report shows that nine of 12 districts experienced economic growth from early October to mid- November while New York Fed had the same status, Boston slowed down and Kansas had mixed results from the previous months.
The Beige Book will be used for evaluation whether to raise interest rates during a discussion that will be held on December 15 to 16. Fed officials are already expecting a rate increase "for the first time in nine years."
Federal Reserve Chair Janet Yellen said that rate increase is more likely to happen if economic growth and job opportunities continue to become stronger. The report for November jobs will be released on Friday and analysts are already predicting that additional 200,000 jobs were generated for the past month and kept the unemployment rate at bay with 5 percent.
In a report by usatoday.com, all 12 districts reported an increase in their hiring market for the past couple of months but most of it were entry- level jobs and temporary positions being filled by agencies or staffing companies.
Atlanta Fed said that there was a possibility that employers pay more for entry- level positions or lower- skilled jobs while most of the districts attract skilled professionals by offering higher compensation to fill in positions they were having difficulty of filling.
Beige Book also reported that home sales increased in seven out of 12 districts while home construction went up for most of the districts encouraging more home purchase from its market.
Have you felt the effect of economic growth in your district? Share it in the comments!
