Beige Book: Modest Growth Trumps Recession

The Beige Book released is bit more upbeat than prior reports had indicated, albeit on a very modest basis.  The data was all collected before December 30, 2012 and was prepared by the San Francisco Fed.

Noted was…  national economic activity expanded at a modest to moderate pace from late November through the end of December… Seven districts characterized growth as modest, while the rest showed as follows: New York and Chicago noted a pickup in the pace of growth, Dallas and San Francisco reported moderate growth, and Richmond indicated that activity flattened or improved slightly.

This sums it all up right here: “Compared with prior summaries, the reports on balance suggest ongoing improvement in economic conditions in recent months, with most Districts highlighting more favorable conditions than identified in reports from the late spring through early fall.”

Keep in mind that all of this “recovery” is still well short of historic examples and many want more growth.  The unofficial unemployment rate of unemployed, contract, and under-employed workers is still closer to 15%.

FULL BEIGE BOOK HERE