Federal Reserve Chairman Ben Bernanke has something to tout before Congress in hearings this week: job growth in the auto and housing industries, Bloomberg reported.
Consumers rely on loans to buy cars and homes, so these segments of the economy are among the most responsive to Bernanke's strategy of holding interest rates low and pressing on with bond purchases of $85 billion a month.
"The rate-sensitive sectors, most notably housing and autos, are kicking into a higher gear," said Mark Zandi, chief economist for Moody's Analytics Inc. "This reflects the Fed's aggressive monetary policy and resulting rock-bottom interest rates."
Zandi predicts total job growth this year of "close to 2 million," about the same as last year. "But I expect closer to 3 million more jobs in 2014 and the same in 2015," he said. Read more.