Posted on 03/04/2009 11:40:05 AM PST by OB1kNOb
Reports from the twelve Federal Reserve Districts suggest that national economic conditions deteriorated further during the reporting period of January through late February. Ten of the twelve reports indicated weaker conditions or declines in economic activity; the exceptions were Philadelphia and Chicago, which reported that their regional economies "remained weak."
Consumer spending remained very weak on balance, albeit with slight firming noted by many Districts, particularly compared with holiday-season sales that were very disappointing.
Reports on nonfinancial services indicated significant drops in activity accompanied by widespread job cuts. Providers of health-care services reported falling patient volumes, which were attributed in part to a drop in elective procedures in the Richmond, Minneapolis, and San Francisco Districts. Demand continued to fall for professional services such as business consulting and accounting services, legal services, and other professional services in various Districts.
Manufacturing activity fell on net in all Districts, with very sharp declines recorded for some sectors and only partial offsets provided by the few bright spots.
Residential real estate markets remained in the doldrums in most areas, with only scattered, very tentative signs of stabilization reported.
Lending activity fell further on net, with mixed results across Districts and loan categories. Demand for commercial and industrial loans was reported to be lower in most Districts, although Philadelphia reported recent growth in this category.
Conditions weakened for agricultural producers in various Districts, as demand fell and growing conditions were mixed. Sales slowed for a variety of tree and row crops, grains, dairy products, and livestock, and some product prices declined significantly.
Upward price pressures were very limited during the reporting period, as a result of lower energy and commodity prices and weak demand for final goods and services across a wide range of sectors.
(Excerpt) Read more at streetinsider.com ...
What, so the stimulus of the Bush Congress as well as the Obama Congress didn’t kick in. Let’s hope there is no further stimulus
Consumer and investor sentiment run our economy for the most part. That has been decimated, then re-decimated. (if that’s a word:) Bush went out after 9/11 and not only took care of our needs IMO defensively but also tried to boost consumer confidence. The right thing to do. It worked. These demented folk running the government now do not want improvement. They want an excuse to take control, of everything that they can. Run it into the ground so it’s voluntarily yielded (save my 401k through nationalization, etc). Square peg round hole in this country IMO. Something will give.
Lucky indeed. Like winning the lottery lucky.
bttt
Comrades! There is no longer need for this “Beige Book” of which you speak.
From now on, we must only consult the little blue book of Obama’s quoatations.
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