3 this week to reflect current economic conditions in the Federal Reserve released its Beige Book, said that in most parts of the U.S. economy has gradually out of recession, the Fed Reserve Bank of area 12, the economy is gradually stabilized, and modest recovery.
Beige Book October 13 to collect the United States prior to the industry statistics, from the Richmond Federal Reserve Bank of written statute. Report said that September has 12 regional Reserve Bank in the 10 districts showed a moderate economic recovery, economic activity is becoming more active, only the Atlanta and St. Louis area, weakening overall economic activity. By the federal government for the first time home buyers boost the tax deductibility of policy, the U.S. housing market in most areas of continuing signs of improvement in the low-cost housing sales increase.
The report said although the housing market continued to improve, commercial real estate industry remains the most difficult and vulnerable industries. As the federal government's "old cars for cash" program ended, the U.S. domestic car sales slowing down consumer spending in most regions the situation once again weak. 12 districts generally sluggish job market, high unemployment rate in September the U.S. 23 states, the unemployment rate still rose slightly. Small and medium banks bad debts is high, bankruptcy banks accelerating trend. Most of the local Federal Reserve report, area wage and price pressures or grow only slightly in some places and even the Federal Reserve reported downward pressure on prices. A moderate recovery in the economy, the U.S. wage and price pressures in most areas generally maintained at a lower level.
U.S. Federal Reserve released this week, September 8 and 21 minutes of meeting twice a discount rate. Minutes showed that Fed officials believe that economic growth prospects improve, but as consumers deeply troubled by the unemployment problem, recovery is lagging. Affected by the level of business inventories and sales pressure from the U.S. domestic inflation subdued, while inflation expectations are more moderate, is expected that this situation will continue for some time. Based on these judgments, 12 regional Federal Reserve agreed to discount interest rates unchanged at 0.5%.
Federal Reserve Chairman Ben Bernanke this week, three said that he pay close attention to small and medium sized bank credit area, and hope that its newly launched credit card new rules to protect consumer interests, can improve the public image of the banking sector.
Beige Book will be presented to the U.S. Federal Open Market Committee, which will be 3 to 4 November meeting to discuss the benchmark interest rate instruments of monetary policy and market regulation. |
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