Assignment should be presented as a Journal opinion article. The article should be timely and address an economic issue of current interest to Wall Street Journal readers - Essay Example

U.S. Economy Overview According to a recent survey by the Federal Reserve targeting regional economic situations, the economic activity of the U.S. is continuing to witness sustained growth in 2015. This is irrespective of the growing snowstorms being witnessed in New England as well as labor disputes at the ports of West Coast, which have created slowdowns in certain parts of the country. As such, the Fed’s 12 regional banks have laid considerable emphasis on this issue to determine the key areas that demand adequate economic stimulus (Portlock).
In a report by Atlanta Fed and Richmond Fed, the delays prevalent at the ports of West Coast have shifted towards the East Coast. For the Chicago region, costs of shipping have risen since some organizations are forced to use other routes, which were more expensive. In Dallas, trucking companies argue that cargo volumes went down due to West Coast ports shipping disruptions. This is because small-parcel and rail shipments went up in January, even though they were high the previous year. For the retailers in the western states, they would have realized strong sales during the holiday season if the delays that emerged from West Coast ports never took place. These issues led to a reduction in agricultural exports, as perishable goods were wasted while in storage containers before they could be shipped (Portlock).
In addition, Boston Fed revealed that firms were under pressure, particularly due to the negative influences that resulted from unanticipated weather conditions in the southern part of New England. Nevertheless, products, such as coats, boosts, and winter sporting equipment realized strong sales. However, several retailers said that more than 200 stores situated in New England could not operate for a few days due to extreme weather conditions (Portlock).
New York, on the other hand, is showing a rise in available rentals, indicating new economic developments, especially in Brooklyn. A transportation analyst situated in Philadelphia region stipulated that the flourishing traffic is nearing levels last witnessed during the previous expansion. In Cleveland district, decline in prices of gasoline have encouraged certain individuals to purchase trucks and SUVs, reaching a sales rise of about 7 percent compared to January 2014. However, a number of dental equipment producers in Richmond area said low number of patients led to reduced sales of the products. In the case of Atlanta region, establishments meant for casual dining witnessed a rise in customer volumes as clients were becoming increasingly inclined to fast food options (Portlock).
Furthermore, with the strengthening of the U.S. dollar compared to Canadian dollar in the last few months, retail sales as well as associated border crossings declined. In December 2014, for instance, bridge crossings at International Bridge declined by 12 percent compared to 2013. In Dallas, energy companies stopped employing and started downsizing as they are anticipating their sales to go down during the first half of the year (Portlock).
Based on the incidences being witnessed in the US, I believe that the U.S. is witnessing considerable growth irrespective if the unbearable weather conditions in the country. Therefore, I suggest that it would be appropriate for the country to find means of avoiding delays, especially those being witnessed in the ports to stimulate growth in the country. This way, the country will manage to realize sustained growth and overcome the challenges facing it in its endeavors to realize competitiveness in the global economy in which it is a key player (Portlock).
Work Cited
Portlock, Sarah. The Fed’s Beige Book: We Read It So You Don’t Have To. Wall Street Journal, 4 Mar. 2015. web. 6 Mar. 2015. . Read More