Fed Beige Book optimistic on early US recovery
14 Jan 2010
Economic recovery in the US is spreading to more parts of the country, the Federal Reserve yesterday said in its Beige Book.
Approximately every 45 days the US Fed publishes a summary of commentary on current economic conditions.
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from bank and branch directors and interviews with key business contacts, economists, market experts, and other sources.
The Beige Book summarizes this information by district and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.
According to the summary, received from business and other contacts outside the Fed, the economy grew by 2.2 per cent in the third quarter.
The latest survey on business conditions in 10 of the Federal Reserve's 12 districts was based on economic information supplied by the Fed's 12 regional banks and collected before 4 January.