Beige Book, nothing new

While we got a version of the Beige Book from Bernanke himself over the past two days, here are bullet points from the just released one: “Overall economic activity continued to expand at a modest to moderate pace in June and early July…Retail sales increased slightly…most noted strength in auto sales…All district housing market reports were largely positive…Rental markets continued to strengthen…Mfr’g activity continued to expand slowly in most Districts…Demand for loans grew modestly in most Districts…All Districts conveyed that input prices had stabilized…Wage pressures remained modest, except for highly skilled workers in IT, health care, transportation and mfr’g…Employment levels improved at a tepid pace for most Districts…Overall, Districts reported that their contacts remained cautiously optimistic about future business conditions.” Bottom line, this is nothing new.

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