Gary Siegel

The region's manufacturing sector expanded in December, as the general business conditions index surged to 21.5 from 7.6 in November, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The Empire State Manufacturing Survey showed "business activity grew modestly in New York State," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index increased to 9.0 in December from 1.5 in November.

The labor market "looks a lot like it did before the recession, Fed chair Janet Yellen said in response to a question Wednesday.

The Federal Reserve has not fallen behind the curve, Fed chair Janet Yellen said in response to a question Wednesday.

The Federal Reserve's Summary of Economic Projections was changed slightly from the dot plot issued three months ago, with three 25 basis point rate hikes projected for next year.

The Federal Open Market Committee raised its fed funds target rate by 25 basis points to between 0.50% and 0.75%, according to a statement released Wednesday afternoon.

Industrial production was down 0.4% in November, the Federal Reserve reported Wednesday.

The federal government ran a $136.7 billion deficit in November, the Treasury Department reported Monday.

Consumer expectations on inflation "only shifted minimally since October, while expectations about the labor market became more negative," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

The University of Michigan's preliminary December consumer sentiment index reading was 98.0, compared to the final November 93.8 and the preliminary November 91.6, according to market sources.

Labor market conditions "increased and momentum accelerated in November," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) gained to 0.25 in November from 0.12 in October, according to the Bank.

Manufacturers expect 4.6% growth next year, while non-manufacturers predict 4.1% revenue growth, according to the Institute for Supply Management's semiannual economic forecast, released Thursday.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Thursday.

Consumer credit increased by $16.0 billion in October to $3.727 trillion, the Federal Reserve reported Wednesday.

Newly issued Treasury securities held in stripped form increased about $4.187 billion in November to a total of $233.825 billion, the Bureau of the Public Debt reported Tuesday.

One rate hike will put the United States near the Federal Reserve Bank of St. Louis' standard recommended value through 2019, Federal Reserve Bank of St. Louis President James Bullard said Monday.

The Federal Reserve's Labor Market Conditions Index, a compilation of 19 labor market measures, rose to 1.5 in November from 1.4 in October.

The Conference Board's Employment Trends Index (ETI) grew to 129.96 in November from a downwardly revised 128.95 in October, and is up 2.7% from a year ago, the group announced Monday.

The U.S. services sector climbed in November as the non-manufacturing business activity composite index was 57.2 in the month, compared to 54.8 in September, on a seasonally adjusted basis, the Institute for Supply Management reported Monday.

Real gross domestic product is expected to grow at a 2.2% pace next year, while inflation, as measured by the consumer price index, is seen growing at a 2% rate, according to participants in the Federal Reserve Bank of Chicago's Economic Outlook Symposium.