Tags : Beige Book report, federal reserve, U.S. economy
Beige Book: Economy Leveling Off, But Still Has Weakness
Washington, D.C. (AHN) – The U.S. economy is leveling off, but some sectors are still stumbling, the Federal Reserve said in a Beige Book report today.
The summary of economic activity in the Fed’s 12 districts said there were indications of “either stabilization or modest improvements in many sectors, albeit often from depressed levels.”
While the optimistic signs of economic activity outnumber the pessimistic, the report noted that “virtually every reference to improvement was qualified as either small or scattered.”
Positive markers were seen in residential real estate and manufacturing, while commercial real estate was among the weakest areas.
Consumer spending was described as still “weak,” although some improvement was noted.
Manufacturing was viewed as generally stronger than the previous period, while agricultural activity was mixed.
Little or no increase was detected in pressures to raise prices or wages, the report said.
Districts reported weak or declining demand for loans, although some areas reported “further erosion of credit quality.”
The Beige Book is released two weeks prior to the next meeting of the Federal Open Market Committee. The next meeting of the group is scheduled for Nov. 3-4.
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