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Title: FED'S BEIGE BOOK SAYS ECONOMY IMPROVED IN ALL 12 DISTRICTS
Source:
BBG
URL Source: http://Bloomberg.com
Published: Jun 9, 2010
Author: Vincent Del Giudice
Post Date: 2010-06-09 14:02:24 by war
Keywords: None
Views: 4760
Comments: 16
June 9 (Bloomberg) -- Following is a summary of U.S. economic conditions as reported by the 12 Federal Reserve district banks in the central bank’s latest regional survey, also known as the beige book. The Federal Reserve Bank of Chicago prepared the latest report. Information was collected on or before May 28. Boston: “Business contacts in the First District report stable to increasing activity in recent months compared with a year earlier, with most citing increases. Retail contacts note some potholes in the recovery path, but generally positive sales results; most responding manufacturers, staffing firms, and software and information technology services providers are also seeing recent or continued revenue growth.” New York: “The Second District’s economy has strengthened further since the last report, with scattered signs of improvement in the job market; manufacturers and other firms continue to face upward cost pressures, but prices at the consumer level remain relatively stable. Manufacturing-sector contacts continue to report improvement in business activity and increasingly widespread plans to increase capital spending.” Philadelphia: “Economic activity has advanced modestly in the Third District since the last Beige Book. Manufacturers, on balance, reported increases in shipments and new orders. Retailers posted sales increases from April to May. Motor vehicle dealers also indicated that sales increased. Third District banks reported mostly steady loan volume outstanding.” Cleveland: “The economy in the Fourth District showed further signs of strengthening during the past eight weeks. Manufacturers reported that the rise in production which began late last year continued, although orders remain below pre- recession levels. Contacts in non-residential construction noted some signs of renewed growth, while residential builders cited only a modest uptick in activity.” Richmond: “Economic activity in the Fifth District continued to post moderate gains across most sectors from weak levels. Manufacturing continued to be a bright spot, with contacts indicating slow-but-steady expansion across a broad range of industries. Banks and other services-providing firms, also cited improvements over the last six to eight weeks, with scattered reports of weaker activity.” Atlanta: “On balance, Sixth District business conditions appear to have improved modestly in April and May. Most retail contacts continued to experience increased traffic and sales, and their outlook remained generally optimistic. Reports on tourism were also generally positive; however, considerable uncertainty was expressed about the potential impact from the Gulf oil spill and the recent floods in Tennessee.” Chicago: “Economic activity in the Seventh District continued to improve, but the rate of improvement slowed from April to May. Manufacturing continued to lead the way, and consumer and business spending also increased further. Construction activity improved slightly on the basis of increases in residential and public building.” St. Louis: “Economic activity in the Eighth District has increased modestly since our previous report. Manufacturing activity increased on balance, while activity in the services sector was mixed. Retail and auto sales in April and early May increased over a year ago.” Minneapolis: “The Ninth District economy grew at a steady pace since the last report. Consumer spending, tourism, residential real estate and construction, services, manufacturing, energy, mining and agriculture saw increases. Commercial real estate was flat at low levels, and commercial construction activity was slow.” Kansas City: “The Tenth District economy grew modestly since the last survey with expectations of further improvement in the coming months. Consumer sales edged up at retail stores and auto dealerships, and District contacts were hopeful that rising consumer confidence would boost future sales. Residential real estate activity improved slightly, but real estate agents expected expiring tax credits to weigh on the housing rebound.” Dallas: “Business conditions continued to improve in the Eleventh District. Activity in manufacturing, staffing services, transportation services, housing and energy grew modestly. Retail sales were flat to slightly down but in line with retailers’ expectations during the reporting period.” San Francisco: “The Twelfth District economy posted further modest improvement during the reporting period of early April through the end of May. Despite rising prices for some non-oil commodities, price increases for final goods and services remained restrained, and upward wage pressures were largely absent. Demand for retail items and services continued to strengthen, but sales remain well below pre-recession levels.”
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#2. To: all (#0)
Last Friday's jobs report for May shows that the agony continues, even though President Obama predicted in his Carnegie Mellon speech that "we expect to see strong job growth in Friday's report." Outside the government employment of 411,000 temporary Census workers, Obama's economy 30 months after the recession began created only 20,000 net new jobs. More than 10 times that many new jobs are needed each month just to keep unemployment from rising over the long run. The unemployment rate dipped in May only because 322,000 potential workers hopelessly fled the flagging work force. The Bureau of Labor Statistics (BLS) reports, "there were 1.1 million discouraged workers in May, up by 291,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them." The BLS further reported that the army of the unemployed persisted at 15 million Americans in May. Nearly 7 million remained long-term unemployed for more than 6 months, another postwar record. African Americans continued to suffer depression level unemployment under Obama at 15.5%. The teenagers who supported him have similarly been punished with continuing 26.4% unemployment. Ditto Hispanics at 12.4%. What are you going to believe, a little known federal publication, or your own lying eyes? (laughing)
#3. To: Badeye (#2)
(Edited)
Obama hasn't been in office 30 months and the recession ended earlier this year... What are you going to believe, a little known federal publication... Chuckles...or an article in The American Spectator as copied and pasted by a "businessman" who is abot to go tits up? I absolutely LOVE it when you reveal your partisan ignorance... A) The Biege Book is the most widely anticipated release from the independent Federal Reserve system as it forms the outline for discussion for the FOMC's next meeting. B) The publication's compilation rotates among the districts so that not one region dominates the survey. C) From ElPee I can post a dozen links to you promting the Biege Book as "proof" that the Boy Blunder economy was doign just fine and dandy.
I believe this chart: And before long we're going to get NBER confirmation that the recession ended last summer.
Top • Page Up • Full Thread • Page Down • Bottom/LatestIn fact, since World War II, the U.S. economy has suffered 12 recessions, lasting an average of 10 months. NBER reports 33 business cycles since 1854. The longest during the 75 postwar years, until now, has been 16 months. But here we are today, 30 months since the latest downturn officially began in December 2007, with unemployment still stuck at nearly 10% for months now.
Replies to Comment # 2. Obama's economy 30 months...
#4. To: Badeye (#2)
What are you going to believe, a little known federal publication, or your own lying eyes?
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