Fed's Beige Book Released: Anything New?

 |  Includes: DIA, QQQ, SPY
by: Jordan Kahn

The Fed's Beige Book was just released, which gives a snapshot of economic activity among the various Fed districts. It didn't say anything that we didn't already know.

Here are the highlights:

  • Reports from the twelve Federal Reserve Districts suggest that economic activity increased modestly during the survey period of mid-November through December, but at a slower pace when compared with the previous survey period.
  • Among Districts, seven reported a slight increase in activity, two reported mixed conditions, and activity in three Districts was described as slowing.
  • Most reports on retail activity indicated subdued holiday spending and further weakness in auto sales. However, most reports on tourism spending were positive.
  • Residential real estate conditions continued to be quite weak in all Districts. Reports on commercial real estate activity varied, with some reports noting signs of softening demand.
  • Manufacturing reports varied across industries, with pronounced weakness noted in housing-related industries, as well as the automobile industry. Strong export orders and increased demand in industries whose products compete against imports was reported by some Districts.