The Beige Report

The Federal Reserve Board's Beige Report summarizes comments received from businesses and other contacts outside the Federal Reserve System. The latest report is consistent with recent remarks by Alan Greenspan. Most of the Federal Reserve districts reported that economic activity early this summer was little changed or down slightly. Manufacturing activity has declined or remained weak. While new construction remains at a high level, it appears to have leveled off. There is a significant growth in energy exploration. Consumer spending has been lackluster in all districts. The one bright spot: "Dallas says consumer spending is flat or up slightly." Sales of new cars are generally flat, with SUV sales less exuberant. Next month's Spotlight will have a full review of the annual conference of the Federal Reserve Bank of Chicago on the outlook for the automobile industry.