Fed Beige Book Shows Little Growth
Posted By thestatedtruth.com 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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