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Fed’s Beige Book: Economy Expanding Modestly

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Economic Update: Fedâ??s Beige Book

The Fedâ??s Beige Book (so named due to the color of the cover), which reports on economic conditions from all twelve Federal Reserve Bank Districts, indicated Wednesday that the pace of growth â??expanded modestly in most districts.â? This appears to be an upgrade from last monthâ??s report which stated that the economy â??expanded gradually.â?

Highlights from the report include:

  • Fed Says Employment Conditions Were Little Changed
  • Consumer spending was flat to up slightly since the last report
  • Residential real estate conditions improved since the last report. Most Districts reported strengthening in existing home sales, while prices were described as steady to increasing
  • Manufacturing conditions were mixed, though somewhat improved as a whole since the last report
  • Loan demand was steady to stronger in most districts
  • Little change in prices of both finished goods and inputs

Stocks have moved only slightly higher in response to the report.

Other stories on the US Economy to review:

 

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About the Author

David Moenning is a the Chief Investment Officer at Heritage Capital Management. Dave is also the proprietor of StateoftheMarkets.com, which provides free and subscription-based portfolio services. Dave began his investment career in 1980 and has been an independent money manager since 1987. Thus, Dave has been live on the firing line and investing for a living for more than 25 years.