Another issue is higher holiday sales for 2012 over 2011 along with some consumer spending growth. Real estate activity was listed as being steady to expanding although employment conditions were deemed to be unchanged. Manufacturing activity was viewed as mixed and the firms with the most ties to Europe have been cautious to make hires.
As you have seen with the bank earnings so far this week, loan demand was called mixed across Fed regions. Inflation is also at bay as resource and raw materials pricing was mostly stable.
Today’s Beige Book was prepared by the Philadelphia Federal Reserve and was based on data collected before January 4, 2013. We would not look at any of the issues brought up today to be any significant game-changer for investors nor as a real change in the outlook for low rates lasting on and on.
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