Beige book report june 2012
From: Chayse H.
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Economic activity in the Fifth District improved modestly since our last assessment. Retail sales were sluggish, held back in part by weak big-ticket sales. Growth at services firms slowed, although tourism businesses reported strong demand. Bankers said that lending grew slowly, and much of the activity was refinancing. Residential real estate agents noted encouraging signs of improvement in housing sales, while commercial Realtors described leasing and construction activity as mostly flat to moderately up.
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Boston: June 2012
USDJPY Slips After Fed Releases Lukewarm Beige Book Report in July
The Federal Reserve released the latest edition of its Beige Book report today. The Beige Book report, which is usually released two weeks before the Federal Open Market Committee FOMC meets to set monetary policy, offers anecdotal evidence that helps policy makers assess the condition of the economy and actions going forward. Manufacturing activity continued to expand slowly in most districts, though several reported a slowdown in new orders and shipments. Demand for non-financial services remained generally stable in most regions, while demand for loans, particularly those tied in to real estate, grew modestly in most districts. On the price front, all twelve regions noted that input prices had stabilized in recent months, while price pressures were easing in several districts as energy costs declined. In terms of consumer spending, most districts reported modest increases in retail spending on a year-on-year basis, though many reported slower growth in recent months. Both Bernanke's testimony and the Beige Book highlighted an overall slowdown in economic activity, but gave no signs of a recession or hints for further monetary easing.
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Beige Book brings small splash of colour
The report is published in advance of meetings of the Federal Open Market Committee. It is called the Beige Book because its cover is colored beige. The Beige Book at that time called the Red Book would first be collected under the direction of Arthur Burns in , seeking to formalize the process of collecting qualitative understandings of the various districts under the Federal Reserve. The Red Book would become public following the request of U.
Business activity in the Fourth District has grown at a moderate pace since the beginning of April. Manufacturers reported stable production, while residential and nonresidential construction showed moderate growth. Retail sales held steady, and auto dealers described April sales as generally good.