Uh oh! Federal Reserve sees ‘widespread signs of deceleration’
As the media (who actually reported this) tries to sugar coat it, the so called “Recovery Summer” is looking more and more like Double Dip Summer. The Federal Reserve’s so called “beige book” comes out eight times per year and according to the Washington Post is a compilation of anecdotal information from firms in the 12 Fed districts. The latest version was released today stating the US economy is showing ‘widespread signs of deceleration’.
“Economic growth at a modest pace was the most common characterization of overall conditions,” the report, which was based on interviews with businesspeople from mid-July through the end of August. However, five of the Fed regional banks east of the Mississippi River “highlighted mixed conditions or deceleration in overall economic activity.”
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