http://www.msnbc.com/news/980713.asp?0dm=B29JB#BODY
Good news.
"On balance, the pace of economic expansion has picked up since the last report," the Fed concluded in its latest "Current Economic Conditions" survey.
This survey, one of eight done every year, will be used when Fed policy-makers meet on Oct. 28 to review interest rates. Most analysts believe the central bank will leave its target for banks' overnight borrowing unchanged at a 45-year low of 1 percent in the belief that economic recovery is finally beginning to pick up steam.
Federal Reserve Chairman Alan Greenspan and other Fed officials have indicated they are prepared to leave rates low for a considerable period of time to make sure that economic growth strengthens enough to spur companies to start rehiring laid off workers.
While the country has been out of the last recession since November 2001, businesses have continued to slash payrolls and the unemployment rate is currently stuck at 6.1 percent.
Many economists, however, are predicting that economic growth in the just-completed July-September quarter could come in at an annual rate above 5 percent, with growth in the current quarter expected to top 4 percent. That would represent the strongest back-to-back increases in the gross domestic product in four years.
The Fed survey gave support to this optimistic forecast, reporting that housing sales, one of the economy's leading lights, remained "robust" in the early fall despite a slight uptick in mortgage rates.
Consumer spending in general improved in much of the country, helped by the latest round of federal tax cuts, although most districts reported a slowdown in auto sales.
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A good thumbnail economic chart at the bottom of the page.
About three years ago, my community suffered serious losses. We are primarily a manufactoring community, and four of our major plants closed. Three more laid off nearly half of the employees.
Two have recently reopened, and all are rehiring now.
Obviously, we are feeling the improvement.