Decemberâ€™s Beige Book Shows Some Economic Momentum
December 3, 2009 - The Federal Reserve has released the final Beige Book report of the year, indicating that financial conditions have improved across eight of the twelve designated Districts. The remaining four - Atlanta, Cleveland, Richmond, and Philadelphia have seen little change in conditions since October's report.
Consumer spending looked promising as it has "picked up moderately" for both automobiles and general merchandise. Moreover, across several Districts, manufacturing was said to be steadily advancing. Tourism, on the other hand, has remained a mixed bag across the country.
Residential real estate has strengthened from prior reports, with even most Districts noting an increase in home sales. Unlike residential, commercial real estate has made little to no improvements, remaining worse for the wear.
Banks have announced "steady to softer conditions" in most Districts, with the heaviest weakness being concentrated in the commercial sector.
As for labor market conditions, many will be looking to Friday's Employment Report for further detail as to whether or not job losses have begun to slow across the nation.