Page 25 - ARUBA TODAY

BUSINESS Thursday 1 december 2016
A25

Fed reports modest growth around nation in new survey

MARTIN CRUTSINGER cisco noted that the strong
AP Economics Writer dollar was continuing to
WASHINGTON (AP) — The hold back exports of agri-
Federal Reserve reports cultural products, particu-
that the U.S. economy larly apples and pears.
grew at a modest rate this Farmers around the coun-
fall, with solid gains in con- try were generally satisfied
sumer spending helping with this year’s harvests,
offset lingering weakness in although the Richmond
exports. district reported the loss of
The Fed’s survey of eco- 4 million to 5 million birds
nomic conditions around killed by Hurricane Mat-
the country found that thew and related floods.
seven of its 12 districts de- Seven districts — Boston,
scribed growth as mod- New York, Philadelphia,
est to moderate. Another Atlanta, Chicago, St. Louis
three districts — Philadel- and Dallas — reported
phia, Cleveland and Kan- that the demand for work-
sas City — saw a “slight” ers was increasing, giving
pace of growth. Richmond a boost job seekers. Wage
viewed activity as mixed, growth was still generally
and New York said activity
had been flat. described as modest, al-
The survey, known as the A customer buys lunch at Smolak Farms, in North Andover, Mass. On Wednesday, Nov. 30, 2016, though some districts said
“Beige Book,” will be used the Federal Reserve releases its latest “Beige Book” survey of economic conditions. The Beige there were scattered re-
when Fed officials meet Book is based on anecdotal reports from businesses and will be considered along with other data ports of rising wage pres-
on Dec. 13-14. The central when Fed policymakers meet in December. sures for select in-demand
bank is expected to raise a (AP Photo/Elise Amendola) occupations.
key interest rate slightly in offset a slowdown in sales which makes U.S. products Francisco districts. But man- The Fed boosted its bench-
response to steady gains in of new autos. Some districts less competitive in over- ufacturers of chemicals, mark rate by a quarter-
employment and a mod- noted a shift in purchases seas markets. autos, aerospace products point last December to a
est pickup in inflation. The from new cars to used ve- The dollar’s strength has and the electronics industry range of 0.25 percent to 0.5
Fed has not raised rates in hicles. been a drag on manufac- in various regions reported percent. Until then, it held
a year. Manufacturing demand turing for most of this year. signs of a rebound in de- the rate a record low near
A majority of districts report- was described as mixed, The report said that the mand. zero for seven years in an
ed higher retail sales, espe- with some weakness at- strong dollar remained a The strong dollar was effort to help the economy
cially for clothing and furni- tributed to lingering effects concern for exporters in dampening sales for some recover from the worst re-
ture. These gains helped to from the rise of the dollar, the Boston, Dallas and San farm products. San Fran- cession since the 1930s.
Figures show Cyber Monday still biggest US online sales day

to $29.7 billion compared couraged by the recent Gian Fulgoni said.
with the same period a pickup in spending growth Adobe Digital Insights had
year ago, comScore said. and particularly strong said Tuesday that Ameri-
Amazon.com was the busi- Black Friday and Cyber cans spent $3.45 billion
est site, followed by sites Monday,” comScore CEO online on Cyber Monday.
for retailers Walmart, Kohl’s
and Target.
“Overall, we are very en-

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