Beige Book -2: Six Districts Report Mixed Or Better Econ
By Rebecca Christie
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. economy showed some signs of recovery but mostly stayed sluggish during April and May, the Federal Reserve said Wednesday.
None of the Fed's 12 districts said conditions were getting worse, the Fed said in its latest Beige Book report. Six Fed districts reported mixed or improving economic activity, while the other six generally said growth was "subdued, sluggish or subpar."
"Although reports from the 12 Federal Reserve districts indicated some signs of increased economic activity in April and May, conditions remained sluggish in most districts. No district report suggested that economic conditions had deteriorated since the last Beige Book," the Fed said.
The Beige Book is a summary of economic activity prepared for use at the central bank's next Federal Open Market Committee meeting June 24-25. The most recent report was prepared by the Federal Reserve Bank of Dallas and reflects information gathered before June 2. The latest Beige Book said businesses and consumers were somewhat cheered after Saddam Hussein's Iraqi regime fell in early April. "The unwinding of war-related concerns appears to have provided some lift to business and consumer confidence but most reports suggested that the effect has not been dramatic," the Fed said.
In its previous report April 23, the Fed described a lackluster U.S. economy in March and early April. The war on Iraq and lousy weather combined to dampen the economy and affect consumer confidence, according to that report.
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06-11-03 1400ET
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