Market Overview

Surprise...Beige Book Suggests Economy Still Sucks

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The Federal Reserve Beige Book release suggests that the U.S. economy is still in a perilous position. The report said that “economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.” Economists point to the events which occurred in August, where the Congress waited until the last minute to raise the debt ceiling, putting the United States' triple-A credit rating in danger.

While the overall outlook remains weak, some areas did show signs of strength, including auto production and sales, along with energy production and tourism. Soft areas include retail, which appears to be weakening along with consumer confidence. Most Fed districts also reported a drop in loan demand and tightening credit conditions. The entire Beige Book report can be viewed here.

 

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