Headlines from Feds Beige Book

Written March 4, 2009 at 2:01 PM EST by  
  •  SIGNIFICANT PICKUP NOT EXPECTED UNTIL LATE ’09, 2010
  • ECONOMY DETERIORATED FURTHER IN FEBRUARY, FED SAYS
  • SPENDING `VERY WEAK’ EXCEPT FOR FOOD, DRUGS
  • COMMERCIAL REAL ESTATE `WEAKENED SIGNIFICANTLY’
  •  LITTLE OR NO SIGN OF SLOWING IN HOUSE-PRICE SLIDE
  •  BOOK SAYS ECONOMIC DETERIORATION `BROAD BASED’
  •  RESIDENTIAL REAL-ESTATE MARKETS `STAGNANT’
  • CITES `PRONOUNCED DECLINES’ IN MANUFACTURING
  • BUSINESS-LOAN DEMAND DOWN, CREDIT `REMAINED TIGHT’
  • HOSPITALS SEEING LESS DEMAND FOR SERVICES AS PEOPLE ELECT NOT TO HAVE ELECTIVE SURGERY
  • DISMAL HOLIDAY SALES.  SOME PICKUP IN JAN/FED
  • SLIGHT DETERIORATION IN CREDIT QUALITY FOR CONSUMERS/BUSINESSES

The recovery is being pushed out to lat 2009/2010.  The report should hurt the dollar.

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