The Fed's Beige Book - its eight-times-a-year report on economic conditions around the country - came out yesterday, and mostly reiterated what we've been hearing lately: The recovery is getting stronger. Eleven out of the Fed's 12 regional banks reported that conditions in their area were improving; only the Chicago bank dissented.
Yesterday, we noted that the nation's manufacturing growth was at its strongest in seven years; the Fed reinforced that idea as well. Eleven of the 12 districts reported growth in manufacturing. In this case, St. Louis was the sole holdout.
There was even good news on unemployment, with all 12 Fed districts reporting "some degree of improvement" in the labor market. That goes along with the monthly report from payroll giant ADP, which estimated an increase in private-sector jobs of 217,000 in January. The ADP numbers have been wildly optimistic lately, but they're another indication that all factors are pointing in the right direction.
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