U.S. Economy Growing Despite Europe's Woes
Created: 2012-02-17 06:27 EST
The U.S. economy continues to show signs of improvement; providing evidence the U.S., so far, is seeing little impact from the negative situation in Europe.
Unemployment claims dropped last week, hitting a near four-year low. Shorter unemployment lines are boosting confidence in a labor market recovery, following a drop in the jobless rate to 8.3 percent.
Manufacturing continues to add momentum.
Business activity in the mid-Atlantic region expanded faster than expected this month, according to the Philadelphia Federal Reserve.
Even housing appears to be on the mend. New home construction projects topped forecasts for January, as builders look to capitalize on rising demand for rental properties.
But foreclosures still pose a threat. Numbers were up at the start of the year as banks work through the backlog caused by the paperwork scandal last year, according to findings by RealtyTrac.
Overall, the economy appears to be growing without fanning inflationary flames.
The Labor Department says producer prices were up one-tenth of a percent last month. Excluding food and energy the number rises to four-tenths of one percent.