Thursday, September 4, 2008

The economy

Gee according to Bush the economy is doing quite well. Hmm... seems the Fed has a different picture:

Reports from the twelve Federal Reserve Districts indicate that the pace of economic activity has been slow in most Districts. Many described business conditions as "weak," "soft," or "subdued." Cleveland and St. Louis reported some weakening since their last reports while Boston and New York noted signs of stabilization. Kansas City reported a slight improvement.

Consumer spending was reported to be slow in most Districts, with purchasing concentrated on necessary items and retrenchment in discretionary spending. Districts reporting on auto sales described them as falling or steady at low levels. Tourism activity was mixed but received support from international visitors in several Districts, and the demand for services eased in most Districts. The transportation industry was also adversely affected by rising fuel costs. Manufacturing activity declined in most Districts but improved somewhat in Minneapolis and Kansas City. Most Districts reported that residential real estate markets remained soft. Commercial real estate activity was slow in most Districts, and some reported further slackening in demand for office and retail space. Most Districts reported easing loan demand, especially for residential mortgages and consumer loans; lending to businesses was mixed. Districts reporting on the agricultural sector noted some relief from drought conditions. Districts reporting on energy and mining activity recorded increased activity.

Almost all Districts continued to report price pressures from elevated costs of energy, food, and other commodities, although some noted that there have been declines or slower increases in prices for several industrial commodities and energy products. Business contacts in a number of Districts indicated that they had increased selling prices in response to the high costs for their inputs. Wage pressures were characterized as moderate by most Districts amid a general pullback in hiring, although several Districts noted continued strong demand for workers in the energy sector.

Hat tip to Bondad my favorite economic Guru


Gary ("Old Dude") said...

It would appear that the economy is on the mend, and not in recession as the negative liberals would have us all believe. Here in Southern California House sales are increasing.

NucMEd is Hot said...

He thinks it's OK because he caused it and he's a fucking moron.

Demeur said...

Gary you just don't do your homework. Aside from Nevada or Michigan California has the highest forclosure rate of the entire country. From October to February of next year the adjustable rate loans will reset. Banks are cash strapped and raising rates. Tell me you're not that stupid to realize what is about to happen. This information is from those whose job it is to keep track of those figures. Men who have been doing this for many years. To try and put a smiley face on something is not going to make it go away. This country IS in a recession and headed for a depression. Hell California is bankrupt now and other states are to follow.