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Beige Book: "Economic Conditions Remained Weak or Deteriorated"

Here is the line most are looking for:

Reports from the twelve Federal Reserve District Banks indicate that economic conditions remained weak or deteriorated further during the period from mid-April through May. However, five of the Districts noted that the downward trend is showing signs of moderating. Further, contacts from several Districts said that their expectations have improved, though they do not see a substantial increase in economic activity through the end of the year.

This goes to our expectations. The decline moderates or perhaps stop and then we just slog around for a while.

Read the last section on pricing. This is the first reports we have seen of steady or increasing prices in certain areas. Now, that those increases are coming in food and fuel are concerning because people cannot do without either. This bears close watching…

Fed Beige Book 6-2009

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