Fed’s Beige Book Signals Growth Barely Hanging On

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By Jon C. Ogg Updated Published
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In today’s Federal Reserve Beige Book, the trend does remain one of growth but growth which is anemic at best. The Federal Reserve indicated that the economy expanded at a measured pace recently, with seven districts showing growth of a modest pace. It was noted that Hurricane Sandy weakened some growth in areas at the end of the period. Many concerns were brought up over the federal budget uncertainty, a.k.a. part of the coming Fiscal Cliff. It was noted that consumer spending grew at a moderate pace in most districts as credit quality improved.

Manufacturing was said to have weekend in some districts. Some districts saw continued light gains in real estate while employment managed to increase in more than half of the districts.

FULL BEIGE BOOK 

This Beige Book was prepared at the Federal Reserve Bank of Richmond and was based on information collected before November 14, 2012 from comments received from businesses and other contacts outside the Federal Reserve.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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