Fyi...
-Oil prices down.
-Dow up ~1000 points over last month
-Companies on average meeting/beating estimates on quarterly reports.
-Military personnel returning from war to impact local economies.
-Anxiety over war removed and over terrorism lessened.
-USAir and Kmart emerge from bankruptcy.
I'd say there's a decent amount of positive news concerning the economy.
Beige Book -4: Some Price Pressures, But No Inflation
Even as labor markets remain soft, layoffs in some districts are moderating and some districts reported greater demand for temporary labor, the report said.
The Cleveland and Kansas City districts reported fewer plans for staff reductions, while New York, Atlanta and Dallas reported stronger demand for temporary workers.
Several districts reported a lack of upward pressure on wages, but firms continue to note "substantial" increases in the costs of health care and insurance, the Fed said.
Many districts reported price pressures in specific segments of their economies, but inflation remains subdued, the Fed said. Most manufacturers held the prices of their goods steady despite substantial price increases in energy-related inputs.
The manufacturing sector remains weak, with nine of the 12 Fed districts reporting slower manufacturing activity.
"Still, pockets of improvement in the industry were noted by more than half the districts in this report," the Fed said.
The New York and Philadelphia districts seemed optimistic that manufacturing activity would improve somewhat within the next six months, the Fed said.
As for the housing market, homebuilding activity remained strong in all districts, the Fed said. However, some homebuilders suggested there was a "slight softening" in their markets. Commercial real estate is still in a "slump," the Fed said.
Mortgage lending, buoyed by refinancing activity, remained strong and a few districts noted some improvement in commercial loan demand. Office vacancy rates remained on the rise in most districts, the Fed said. .
-By Deborah Lagomarsino, Dow Jones Newswires; 202-862-9255;
deborah.lagomarsino@dowjones.com .
(END) Dow Jones Newswires
04-23-03 1503ET- - 03 03 PM EDT 04-23-03
Please increase the labor rolls by ONE. Thank you.