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Reply #52: Beige Book Shows Stronger Growth, but Europe a Major Threat [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 09:52 AM
Response to Reply #1
52. Beige Book Shows Stronger Growth, but Europe a Major Threat

The sovereign debt crisis abroad could derail economic recovery in the United States...Recent jobs numbers, slowly growing GDP, and signs of life in the housing sector have all seemed to point to an accelerating recovery. Today came a solid confirmation of that fact in the Federal Reserve's latest Beige Book report. But in a global economy wracked with uncertainty, it is hardly time to celebrate.

The Fed Beige Book report is released eight times per year and provides a periodic snapshot of the country's economic well-being. Today's report characterized economic activity as growing at a "slow to moderate pace" in 11 of 12 Federal Reserve Districts, and also indicated increases in consumer spending and manufacturing activity. The report is a marked improvement over October's Beige Book report, in which Districts described growth as "modest" and "slight."

"Our sense has been that the economy is slowly recovering. When you boil it all down, that's what the Beige Book said," says Mark Coffelt, CFA and president of Empiric Advisers, a financial advisory firm based in Austin, Texas.

Among the more promising indications in the report are increases in residential real estate activity and bank lending, two areas that have been among the biggest drags to economic growth...
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