Summary
On the heels of Friday's disappointing December jobs report, the Federal Reserve on Wednesday issued a relatively upbeat assessment of the economy from mid-November through the first week of January. The report, known as the Beige Book, includes economic information compiled throughout the country by the Fed's 12 regional banks. It declared that "the nation's economy has continued to improve since the last survey," which covered the first half of the fourth quarter.
Most Fed districts delivered "quite favorable reports," the summary review said. Overall consumer spending, which has accounted for about 70 percent of the nation's gross domestic product in recent years, apparently met the "generally positive" expectations that retailers held before the holiday season began. Broken down by consumer-product category, demand for "high-end items" was "especially strong in several districts." Meanwhile, several districts also reported that sales at discount stores in general came in below expectations.See the full content of this document
Extract
'Favorable' Economic Reports
In line with earlier, quite favorable manufacturing reports for November and December by the private Ins...
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