In today’s Federal Reserve Beige Book, the trend does remain one of growth but growth which is anemic at best. The Federal Reserve indicated that the economy expanded at a measured pace recently, with seven districts showing growth of a modest pace. It was noted that Hurricane Sandy weakened some growth in areas at the end of the period. Many concerns were brought up over the federal budget uncertainty, a.k.a. part of the coming Fiscal Cliff. It was noted that consumer spending grew at a moderate pace in most districts as credit quality improved.
Manufacturing was said to have weekend in some districts. Some districts saw continued light gains in real estate while employment managed to increase in more than half of the districts.
This Beige Book was prepared at the Federal Reserve Bank of Richmond and was based on information collected before November 14, 2012 from comments received from businesses and other contacts outside the Federal Reserve.
JON C. OGG