Private Sector a Bright Spot in Modestly Growing Economy
The Federal Reserve
says the U.S. economy is growing modestly and they expect the growth to pick
The Fed's comments
came after a two-day policy meeting in Washington. The Central Bank also noted
that mortgage rates have been rising and inflation may be too low. For now the Fed
will continue buying $85-billion a month in bonds to help lower long-term
A bright spot for the
nation's recovering economy is the private sector. They added 200,000 jobs in July,
according to payroll processor ADP.
Small business led
the way adding 82,000 of those jobs for the month. Large companies added 57,000.
monthly report comes out Friday and despite budget cuts, economists expect it
to show 180,000 new jobs added in July.