Each month the Fed releases what is called the Beige Book, which is a summary of economic activity in each of the Fed’s twelve districts.
It is no surprise that anecdotal information collected over the period showed “widespread signs of a deceleration compared with preceding periods.” But the most common characterization of overall conditions – the economy is still growing at a modest pace.
Highlights include -
“Consumer spending appeared to increase on balance despite continued consumer caution that limited nonessential purchases.”
“Manufacturing activity pointed to further expansion, although the pace of growth eased according to several Districts.”
“Demand for commercial real estate remained quite weak but showed signs of stabilization in some areas.”
“Home sales slowed further following an initial drop after the expiration of the homebuyer tax credit at the end of June, prompting a slowdown in construction activity as well.”
In summary, a new slump is not imminent but don’t expect a noticeable pick up in economic activity any time soon.
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