Federal Reserve: US Economy On The Mend 2013

According to a report from Bloomberg News, the local and national economies have picked up over the last month, and are being primarily fueled by home and auto sales.  Nationally, over the 12 districts, the pace of economic growth has been termed "modest" to "moderate."

Cleveland, the fourth district, has seen the following:

• Staffing across all industries has been slow. Job openings have been stagnant, with most vacancies were found primarily in manufacturing and healthcare.
• Manufacturing reports indicated that new orders and production were flat or down slightly during the past six weeks. Increased manufacturing production was seen for companies that supply the auto industry.
• New home construction has seen improved sales, with optimistic confidence levels heading into 2013. Listing and sales prices are increasing with higher demand (due to low interest rates) and fewer homes available for purchase.  Building material costs have gone up, also driving sales price for new construction.
• Consumer spending reports indicate the holiday shopping season was solid, with improved sales expected in the first quarter of 2013. Auto sales and leasing have shown steady improvement over the past six weeks.

For additional economic reporting for Cleveland, please view the full article HERE.