Fed Beige Book Shows Little Growth

Posted By on October 20, 2010

U.S. economic activity continued to rise only modestly in September and early October, according to a report released by the Fed.  Hiring Remains Sluggish as many Fed districts reported little demand for new full-time workers.

The picture painted by the beige book showed consumers spending just a bit more. Retailers told the Federal Reserve Bank of Boston that consumers are focused on “getting a good deal,” and the Cleveland Fed said that consumers “remain price sensitive and focused on buying necessities.”

  • Manufacturing continued to expand slowly in most districts
  • Consumer spending steady to up slightly, purchases mostly limited to necessities
  • Housing markets remained weak and house prices seen stabilising, commercial real estate subdued and construction weak
  • Home inventories elevated or rising in most districts
  • Input costs, notably for agricultural commodities and metals rose further but not passed on to consumers
  • Prices of final goods and services mostly stable and says wage pressures minimal
  • ‘Lending activity was stable at low levels’ in most areas

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