Economy picking itself off mat, Fed's Beige Book finds |
MarketWatch - Oct 21, 2009 |
The U.S. economy is slowly picking itself off the mat, but weak banking and commercial real estate are still major problem areas, according to the latest report on current economic conditions released by the Federal Reserve on Wednesday.
"Reports of gains in economic activity generally outnumber declines, but virtually every reference to improvement was qualified as either small or scattered," the report concluded.
The information was contained in the Fed's so-called 'Beige Book' report. Prior to every meeting of the Fed's interest-rate setting committee, the 12 Fed districts gather anecdotal information about economic conditions "on the ground." This information is compiled into a report designed to give the Fed officials a feel for current conditions.
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- Posted: 2009-10-21 13:22:16
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