The Economy: Positive Economic Data Rain Down; Faster Growth Is Reported Across U.S. as Orders Rise And Job Picture Improves
Dow Jones Newswires</br></br>WASHINGTON -- A barrage of sunny economic data poured in Wednesday, led by an upbeat regional report from the Federal Reserve's latest anecdotal survey of the economy.</br></br>The Federal Reserve's survey of business activity found that economic conditions were improving across the country and appear to be "reasonably broadly based," with most areas noting growth in a number of industries.</br></br>Eleven of the 12 regional Fed districts reported faster growth, except the Atlanta district, which said the pace of economic growth was "stable" in October and early November. "Labor markets across the nation generally improved or remained stable, with several districts noting a slowing in layoffs," the Fed said. Temporary workers are in increasing demand in the Boston, Minneapolis, Chicago and Richmond, Va., districts, the Fed said. But several districts reported that companies are waiting for sustained increases in orders before hiring permanent workers.</br></br>Also Wednesday, there were two upbeat reports on the U.S. manufacturing sector, which was the hardest-hit part of the economy during the 2001 recession. Orders for big-ticket items surged in October and a regional manufacturing index soared to a nine-year high in November. "The factory sector is on fire," said Stephen Stanley, senior market economist at RBS Greenwich Capital.