While the overall economy is still weak, there was a "moderation in the pace of decline," in several parts of the country, the Federal Reserve Board reported today.
"Five of the 12 districts noted a moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level," the Fed noted in its Beige Book. The book, which the agency issues eight times a year, is a summary of information collected from businesses and other organizations.
The central bank said manufacturing, non-financial services, consumer spending, real estate/construction, and banking/finance all remained weak. Agriculture conditions were favorable in all but the Dallas and San Francisco Districts, which are experiencing drought conditions.
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The Fed also said there was "downward pressure" on prices throughout the country and the weakening labor market caused a decline in wage and salary pressures, in all regions. There were only "scattered reports of hiring."
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