The Federal Reserve's Beige Book is a look back at the condition of the economy during the previous few months. The most recent report, issued Wednesday, quotes the Fed as saying the economy has shown widespread signs" of slowing over the recent weeks.
The Fed takes anecdotal reports from the 12 Federal Districts and highlights key points. Here are some of these data:
- The western and Midwestern districts saw modest growth.
- The New York, Philadelphia and Chicago areas showed mixed to slower growth.
- Upward price pressures remained quite limited.
- Wage pressures were also subdued.
- "The reports suggested ample supply of qualified applicants for open positions."
- Hard-hit housing area showed further declines.
The Fed has already slashed interest rates to zero and bought $1.7 trillion of longer-term securities. In response to the recent slowdown, the Fed has taken funds from expiring securities and purchased more of them, thus adding more stimulus to the economy.
What is important to note is that the Fed stated that its easing measures would not have an impact on reducing unemployment. In other words, while the Fed is playing around with billions, unemployment gets worse with the rate rising to 9.6%. Please, take those billions and help to create jobs! You've already wasted $12.8 trillion of taxpayer money bailing out a handful of bankers.