The Federal Reserve’s new study suggest the slowing in the economy is temporary.
April 12, 2012– A survey released by the Federal Reserve of conditions in the business sector throughout the United States suggests the pullback last month of hiring may just be temporary. On Wednesday, the survey was released and showed that all 12 of the bank districts for the Fed grew between mid-February and the beginning of April. The survey also suggested that hiring was stable and in some places increased across the majority of the country.
Last week, the Labor Department released its jobs report that said hiring slowed during March to 50% of the pace for the three prior months. However, the survey performed by the Fed, which is completely anecdotal did not reflect the same weakening in the economy.
One economist close to the subject said, “I have not seen any companies begin to scale back on hiring because of the lack of demand.”
The survey is called the Beige Book and suggested that the hiring in the U.S is between the 120,000 jobs the Labor Department released and 250,000. The survey is released eight times during the year and takes surveys from the 12 district banks of the Fed. No numbers are included in the survey, but the results help influence talks during the Fed’s policy meetings that follow the survey’s release by two weeks.