Fed's Beige Book: Continued Stabilization
The Fed released its most recent Beige Book moments ago, reporting anecdotal evidence on the economy from the Fed's 12 U.S. districts. It said that most parts of the country continued to "stabilize" in July and August. Eight Beige Books come out per year.
We'll just quote from the opening of the report right here:
Reports from the 12 Federal Reserve Districts indicate that economic activity continued to stabilize in July and August. Relative to the last report, Dallas indicated that economic activity had firmed, while Boston, Cleveland, Philadelphia, Richmond, and San Francisco mentioned signs of improvement. Atlanta, Chicago, Kansas City, Minneapolis, and New York generally described economic activity as stable or showing signs of stabilization; St. Louis remarked that the pace of decline appeared to be moderating. Most Districts noted that the outlook for economic activity among their business contacts remained cautiously positive.
- Most districts reported flat retail sales.
- Consumer spending is soft in most districts.
- Residential real estate remains weak but shows improvement. Commercial real estate is also weak and construction declines continue. (Many economists believe the commercial real estate bubble is the next to burst.)
- Most districts reported upticks in manufacturing.
- Regarding labor, there was a slight upswing in temporary hiring and a decline in the pace of layoffs.
Read the whole report by clicking here.
-- Frank Ahrens
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September 9, 2009; 2:28 PM ET
Categories: The Ticker | Tags: Beige Book, Fed, Federal Reserve
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