This book is produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee. On each occasion, a different Fed district bank compiles anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. Why Investors Care
Highlights
In information gathered on or before February 26, 2007, the Federal Reserve Beige Book reported continued "modest expansion" in economic activity. However, several Federal Reserve districts reported some slowing in growth. The retail sector was seen as posting steady growth except for sluggish motor vehicle sales. Sales of consumer electronics were particularly strong. Housing related retail sales were soft. Housing was weak in general although several districts saw signs of stabilization. Commercial real estate actually firmed. On the inflation front, prices were reported as steady but labor markets continue to grow, but remained tight - especially for skilled and professional workers. Overall, the Beige Book confirmed the slowing in real activity in other recent surveys but no indication of recession. Modest growth continues. However, tight labor markets clearly remain a concern for the Fed. The next FOMC meeting is scheduled for March 20-21, 2007.
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