Highlights of Fed Beige Book
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The Fed's Beige Book is out; below is a summary:
- Fed sees a "slow" economy, with a "retrenchment" in spending
- housing weakened or remained soft in most areas
- material costs were up
- several districts noted a recent drop in commodity prices
- manufacturing has been weak, but may be feeling some support from exports
- compared to July, the labor markets are unchanged or slightly softer
- demand for mortgages and consumers loans is down
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