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Strategies & Market Trends : Paint The Table -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (10445)	1/16/2002 3:34:07 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 23786

Oh really.. Fed Says Economy Weak Jan 16 2:42pm ET WASHINGTON (Reuters) - The U.S. economy entered the new year on a weak note, although some scattered signs of improvement emerged, the Federal Reserve said on Wednesday. "Reports from the Federal Reserve Districts suggest that economic activity generally remained weak from late November through early January," the U.S. central bank said in its periodic "beige book" report, an anecdotal survey of economic conditions nationwide. "But while there are still indications of caution, there are also scattered reports of improvement," the Fed said. The report is for use at the January 29 and 30 meeting of the Federal Open Market Committee, the Fed's interest rate-setting panel, and was compiled by the Federal Reserve Bank of Dallas from information gathered before January 9. The Fed system has 12 regional banks. The cautious tone of the report may add to expectations that the Fed plans to ease interest rates again at the January meeting, after cutting rates 11 times in 2001. "Many Districts indicate that their contacts believe a recovery will begin by mid-year or earlier, but the timing and strength are uncertain," the report said. The report hit themes that had been noted in previous surveys. Manufacturing, it said, was "weak or down" in most reports, but showed signs of stabilizing or rebounding in several Fed districts. Retail sales, a gauge of how well the consumer is faring, picked up in late December and early January but were still weak. The report described labor markets as soft, noting, "There are numerous reports of shrinking wage and benefit packages." The report said most areas reported declining prices for goods and services, except for security, health care and insurance.