Posted on 09/08/2010 1:18:26 PM PDT by BenLurkin
The economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting the recovery was faltering along the East Coast and in the Midwest.
The Fed said in its Beige Book compilation of anecdotal reports that modest growth was the most common characterization of economic activity in Fed districts, primarily those in the western and middle portions of the country such as San Francisco, Dallas and Kansas City.
However, other areas, including New York, Philadelphia and Chicago, reported economic growth was mixed or had slowed.
Upward price pressures remain quite limited for most categories of goods and services and wage pressures were also subdued, the Fed said.
"The reports suggested ample supply of qualified applicants for open positions," the Beige Book said.
Markets paid the report scant notice as it was seen as confirming that the recovery had flagged over the summer.
On balance, consumer spending appeared to increase although shoppers were limiting themselves to essential items, the Fed said.
(Excerpt) Read more at finance.yahoo.com ...
Epic F-A-I-L!
unexpected
Does this mean interest rates will stay low?
Eh, who needs rapid growth, anyway? If growth is too rapid, you can’t spread the wealth fairly enough!/sarcasm
NYC (D), Philly (D), Chicago (D)............I think I see a pattern here...........
I could have told them that. We have had dwindling customer calls all year. I’m a commercial Realtor in a Indiana small town, and we have no buyers or lessees inquiring. We have tons of listings though.
Growth easing? What growth?
How slow can something be before it’s stopped?
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