Tags: fed | survey | recovery | hiring

Fed: Recovery Spreads but Doesn't Spur Hiring

Wednesday, 13 Jan 2010 03:03 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

The economic recovery is spreading to more parts of the country but has yet to spur companies to ramp up hiring.

A new Federal Reserve survey, released Wednesday, underscores the duality of the economic turnaround: even as the economy grows and the recovery extends its reach geographically, more than 15 million people remain unemployed.

The Fed observed that although "economic activity remains at a low level, conditions have improved modestly further." However, the Fed also noted that "labor market conditions remained soft" in most of the Fed's 12 regions as the new year started.

In a disappointing news last week, the government reported that companies chopped 85,000 jobs in December. The unemployment rate held steady at 10 percent only because more than a half-million people abandoned their job searches and left the work force. If they didn't drop out, the unemployment rate would have jumped to 10.4 percent, analysts say.

The Fed's survey painted a picture of an economy that is growing at a modest — not explosive — pace. To drive down the unemployment rate, however, the economy needs to grow robustly.

Ten of the Fed's 12 regions did report some "increased activity or improvement in conditions," while the remaining two — Philadelphia and Richmond — described economic conditions as mixed.

In the Fed's previous survey issued in early December, eight regions said activity increased or conditions improved, while four said conditions were little changed or mixed.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Variety's Wallenstein: How Obama Took Sony's Crisis From Bad to Worse

Sunday, 21 Dec 2014 15:53 PM

If there are such things as textbooks in the field of crisis management, the Sony Pictures hack might end up in the chap . . .

Fox News Blocked From Dish Network

Sunday, 21 Dec 2014 15:20 PM

Dish Network subscribers were unable to watch Fox News Channel and the Fox Business Network on Sunday when the channels  . . .

Pakistan Makes Arrests in Taliban School Carnage

Sunday, 21 Dec 2014 14:31 PM

Authorities made several arrests in the case of the Taliban school attack that killed 148 in the northwestern city of Pe . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved