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U.S. economy has weakened since mid-March: Beige Book

WASHINGTON (MarketWatch) — Economic conditions have weakened across the nation, according to the Federal Reserve’s most up-to-date report released Wednesday. Consumer spending has fizzled out, labor market conditions are worsening, and manufacturing activity is treading water, according to the Fed’s Beige Book collection of anectodal information from its 12 regional banks. At the same time, inflation appears to be strengthening, the report said. There is no sign of pickup in housing and credit conditions were seen as worsening. Banks are tightening standards at the same time consumer demand is weakening for loans. One bright spot is that foreign visitors are flocking to the U.S. to take advantage of the low value of the dollar relative to the currencies of major trading partners.
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Original post by Forextvblog

This entry was posted on Wednesday, April 16th, 2008 at 2:00 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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