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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (44506)	11/28/2001 2:08:46 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

Beige Book Reports from the Federal Reserve districts indicate that economic activity generally remained soft in October and the first half of November, with evidence of additional slowing in most regions outweighing signs of recovery in a few districts. Manufacturing activity weakened further, with declines in production, new orders and employment widely reported. Consumer spending was mixed--aggressive financing incentives drove automobile and light truck sales to exceptional levels, but tourism remained weak and nonauto sales were spotty, with stronger sales growth in some areas offset by weaker sales elsewhere. Retailers' outlook for spending during the upcoming holiday season was also mixed. Store managers had already begun discounting prices in some areas to counteract weak customer traffic, while in other areas retailers' expectations for the season had brightened recently. Residential real estate generally held its own, with sales of moderately-priced homes steady and permits for new construction increasing modestly in all but a few regions. In contrast, the demand for commercial space eased further, pushing vacancy rates higher and rents lower in many areas. In the finance sector, the pace of residential mortgage refinancing activity accelerated as mortgage interest rates fell further. Business lending weakened though, reflecting softer loan demand and some tightening of lending standards. Labor markets continued to ease. Layoffs and downsizings contributed to a greater supply of available workers and wages were steady to lower. Prices were generally stable, although lower prices were in evidence for automobiles, gasoline, and computers. In contrast, prices for insurance and health care rose sharply. federalreserve.gov