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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (69257)	11/1/2000 3:10:43 PM
From: greenman_knows	Read Replies (1) \| Respond to of 150070

Well if anything, looks like VITC may have technically bottomed out...though it's not a pretty picture (especially with NO news or updates for 3 months! Sheeeeeesh!)

To: Jim Bishop who wrote (69257)	11/1/2000 3:12:09 PM
From: john	Respond to of 150070

(COMTEX) B: Fed Says Sales Activity Is Slowing B: Fed Says Sales Activity Is Slowing WASHINGTON, Nov 01, 2000 (AP Online via COMTEX) -- The U.S. economy grew at a moderate pace last month but many parts of the country reported evidence of slowing activity in such key sectors as retail sales and housing, the Federal Reserve said Wednesday. The Fed said its latest survey of business conditions around the country, compiled by its 12 regional banks, indicated "additional signs of slowing growth in some areas." It reported that business activity had slowed in five regions - Philadelphia, Atlanta, Cleveland, Richmond and Dallas - while other areas indicated growth was continuing at about the same, moderate pace. The Fed said retail spending had softened in some parts of the country and the outlook was "a little less positive" for the tourism industry. There was also a slowdown in home sales and construction activity generally. The central bank survey said there was little evidence that rising energy prices or continued tight labor markets were causing overall inflation pressures to accelerate. The latest survey of economic activity, compiled from information gathered before Oct. 23, will be used by central bank policy-makers when the meet Nov. 15 to decide whether interest rates should be changed. The views expressed in the report, known as the Beige Book for the color of its cover, were likely to reinforce the view of most economists that the Fed will leave rates alone, believing that six rate increases from June 1999 to May of this year have achieved the desired aim of slowing economic growth to keep inflation under control. In another report Wednesday, the National Association of Purchasing Managers said activity in manufacturing contracted for a third straight month in October with its index dropping to 48.3 percent. A reading above 50 percent on the purchasing managers' index indicates growth in manufacturing while anything below that level indicates a slowdown. Not all reports Wednesday showed weaker activity. The Commerce Department said construction spending actually increased by 2.4 percent in September, the biggest gain in 10 months, reflecting strength in home remodeling, office building and government projects. The gains pushed spending to an annual rate of $819.3 billion, the second highest level on record. The stock market has rallied in recent days, bolstered by a belief that the economy is slowing to a more moderate pace that will keep inflation under control and alleviate the need for the Federal Reserve to push interest rates any higher. But in early afternoon trading Wednesday, the Dow Jones industrial average was down 105 points. The state of the economy is an issue in the presidential race, with Vice President Al Gore urging voters to keep Democrats in the White House as a way to ensure that the record 9-year-long economic expansion continues. Republican George W. Bush argues that his across-the-board $1.3 trillion tax cut is needed as an insurance policy to spur the economy if growth suddenly falters. The government reported Friday that the economy grew at an annual rate of 2.7 percent in the July-September quarter, less than half the 5.6 percent growth rate of the second quarter. The 2.4 percent rise in construction spending in September was the biggest increase since a 2.6 percent gain in November 1999. The September increase reflected a 2.1 percent rise in private construction, which was led by a 3.4 percent surge in nonresidential activity. Office building soared by 6.2 percent and gains also occurred in construction of factories, hotels and hospitals. Residential activity rose by 1.1 percent with all the strength coming from a sharp 6.4 percent rise in home remodeling. Construction of single-family homes and apartments was actually down in September. Government building projects posted a 3.5 percent increase with school construction up 5.3 percent. By MARTIN CRUTSINGER AP Economics Writer