Private Sector a Bright Spot in Modestly Growing Economy - KHGI-TV/KWNB-TV/KHGI-CD-Grand Island, Kearney, Hastings

Private Sector a Bright Spot in Modestly Growing Economy

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The Federal Reserve says the U.S. economy is growing modestly and they expect the growth to pick up.

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 interest rates.

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.

The government's monthly report comes out Friday and despite budget cuts, economists expect it to show 180,000 new jobs added in July.

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