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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: daryll40 who wrote (56483)	11/28/2001 10:27:01 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Fed says economy still weakening U.S. feels after-effects from Sept. 11 terrorist attacks By Martin Wolk MSNBC msnbc.com Nov. 28 — The economy continued to weaken in most parts of the country in the weeks before Thanksgiving, the Federal Reserve said Wednesday in a report that appeared to boost the odds of another interest rate cut next month. THE CENTRAL BANK’S Beige Book report on conditions in October and early November was consistent with an economy struggling through a recession that was worsened by the Sept. 11 terrorist attacks, which led to tens of thousands of layoffs. “(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,” the Fed said in its final Beige Book report of the year. The report, which gives an anecdotal summary of conditions in the Fed’s 12 regional districts, sent stock prices lower even before it was issued, as traders braced for its expected gloomy tone. “It was certainly on the pessimistic side — on consumer spending, wages, pretty much across the board,” said Sung Won Sohn, chief economist at Wells Fargo. “It was pretty difficult to find any signs of optimism in the beige book.”