US economy recovering amid weak labour market: Beige Book
15 Apr 2010
The US Federal Reserve on Wednesday said the country is slowly recovering from recession, but still struggling with unemployment.
"Overall economic activity increased somewhat since the last report across all Federal Reserve districts except St Louis, which reported "softened" economic conditions," the latest Beige Book report said.
It noted that retail sales and vehicle sales increased in districts.
"Tourism spending was up in a number of districts. Reports on the services sector were generally mixed. Manufacturing activity increased in all districts except St Louis, and new orders were up; and consumer spending increased during the reporting period," it added.
Vehicle sales improved in a number of districts during March, with favorable pricing and credit terms. Dealers in Philadelphia indicated that they expect sales to increase during the next few months.
Business services were mixed, with some signs of economic recovery. Boston and Minneapolis reported increased activity. Richmond and Dallas were mixed, while San Francisco said demand remained lackluster.
