Beige Book is Out

Shawshank, VA 10/19/2011 (PennyPayDay) – Reports from the twelve Federal Reserve Districts indicate that overall economic activity continued to expand in September, although many Districts described the pace of growth as ‘modest’ or ‘slight’ and contacts generally noted weaker or less certain outlooks for business conditions.” That is how the Beige Book Summary began and it pretty well describes the tenor of the report. There was nothing notable in terms of economic improvement or decline in the text.

But more importantly there was not a single word about EFSF leverage, nor were there any quotes from Merkel or Sarkozy in the text; so I really don’t know what to make of this document.

The following are newswire headlines about the Fed’s Beige Book

Fed says US economy maintained growth amid doubt on outlook

Says consumer spending rose in most Fed districts

Business spending increased somewhat

Many districts saw restrained hiring and capital spending

Loan demand by and large moved lower

Cost pressures eased in the majority of districts

Wage pressures remained subdued in all 12 districts

Financial activity weakened some across districts

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