Beige Book: Depression, Recession

December 03rd, 2008 | Category: Money - Finance

All districts showed weakness… weakening labor, weak exports, weak housing, commercial real estate declines, lower housing prices, weak retail,mining and energy down, wage pressure subdued, lower manufacturing…. You already know most of that. that was prepared at the Federal Reserve Bank of Minneapolis and based on info collected before November 24, 2008.

We have attached a formal excerpt below.

Overall profitable activity weakened across all Federal Reserve Districts
since the final report. Districts generally reported decreases in retail
sales, and vehicle sales were down significantly in most Districts.
Tourism spending was subdued in a number of Districts. Reports on the
service sector were generally negative. Manufacturing activity declined
in most Districts, and new orders were soft. Nearly all

Districts
reported weak housing markets characterized by reduced selling prices
and low, but regular, sales activity. Commercial real estate markets
declined in most Districts. Lending contracted, with many Districts
reporting reductions in residential, commercial and industrial lending
and tightening lending standards. Agricultural conditions were mixed
with a relatively good harvest but concerns about profitability. Mining
and energy production and exploration started to soften due to lower
output prices.

Here is a link to the full transcript.

Jon C. Ogg
December 3, 2008