The economy chugged ahead as the new year opened with manufacturing picking up, employment improving and retail sales rising, the Federal Reserve reported Wednesday.
The housing market, however, showed fresh signs of cooling but still was in good shape, the Fed said in its latest snapshot of business activity nationwide. The survey, based on information collected before Jan. 9 and supplied by the 12 regional Federal Reserve banks, will figure into discussions at Fed policymakers’ next meeting Jan. 31. Economists expect the Fed will bump up rates by another quarter point in its continuing efforts to keep the economy and inflation on an even keel.
