The Federal Reserve released their Beige Book today [TheStreet.com], an anecdotal description of the US economy broken out by the 12 regions of its member banks and collected before November 21st. The information is based on interviews with businesses and other sources and is not the official view of the economy by the Fed.
Residential real estate markets generally remained upbeat, but many districts reported slowing activity. Residential mortgage lending was down in several districts, while stronger commercial real estate markets were found by many of the banks
Home sales were reported to have eased off in the Philadelphia, Richmond and Cleveland districts. Housing sales remained fairly strong in New York City, but the New York district reported that sales in New Jersey had moderated and that inventories were high.
Both the Chicago and Atlanta districts reported flat home sales, and excess inventories were noted in the Kansas City district, though sales there were up slightly. St. Louis and Dallas said home sales were strong in most metro areas, and San Francisco said sales continued at a rapid clip.
The upbeat economic news [NYT], including the revision of GDP [Businessweek], is expected to prompt the Fed to continue raising short term rates [MSNBC].
Note: Miller Samuel provides market feedback to the Fed for the Beige Book.
Tags: Beige Book