The Federal Reserve Board’s Beige Book has offered a dismal report and dismal outlook for what is roughly two years now. That can’t be a shock considering how crummy the economy and job prospects have been. But today’s release of the Beige Book from the FRB has turned what will feel almost nothing short of outright optimism.
Some of the topics covered are that economic conditions are improving, consumer spending is up moderately, and that home sales and construction activity improved.
There are of course some cautious bits as well. The Federal Reserve noted that commercial real estate was deteriorating in activity and expectations there are low for 2010. It also noted that labor market conditions remained weak with little to no wage pressure building.
The cut-off date for information was listed as November 20, 2009, which means that at least some of the data at the next Beige Book may be even better if things continue as they have.
If you are a dead-set Fed-Head, you can read the full Beige Book made avaialable from the FRB here.
JON C. OGG
DECEMBER 2, 2009
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