The economy's deterioration during the first two months of 2009 was "broad based" and the prospects for any improvement before the end of this year or early 2010 is poor, according to a report published today by The Federal Reserve Board.
The analysis was contained in the Fed's Beige Book, which is a compilation of reports on the economy from all 12 of its districts.
Reports from 10 districts indicated weak conditions or declines while reports from Chicago and Philadelphia concluded that the economy in those areas "remained weak."
The report said financial institutions reported "further drops in business loan demand, a slight deterioration in credit quality for businesses and households, and continued tight credit availability."
Residential real estate markets mostly "remained in the doldrums" with only a few scattered signs of stabilization. There were across-the-board decreases in demand for commercial, industrial and retail space."
The Fed publishes its Beige Book eight times annually.
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