Fed's Beige Book indicates recession has ended

The Fed's Beige Book, a summary of economic activity in each of the Fed's 12 districts, indicates that economic activity continued "to stabilize in July and August." Comments from the various districts included "improvement, firmed, and stabilization."

Labor market conditions remained weak across all districts, but several also noted an uptick in temporary hiring and a decline in the pace of layoffs. Most districts reported flat retail sales, while housing prices continued to decline in most places.