Economic Indicators-Federal Reserve Beige Book

ECONOMIC INDICATORS-

Beige Book Fed Survey

Officially known as the Survey on Current Economic Conditions, the Beige Book, is published eight times per year by a Federal Reserve Bank, containing anecdotal information on current economic and business conditions in its twelve District through reports from Bank and Branch directors, and interviews with key business contacts, economists, market experts, and other sources.

The Beige Book highlights the activity information by District and sector. The survey normally covers a period of about 4- weeks in duration, and is released two weeks prior to each Federal Open Market Committee (FOMC) meeting, which is also held eight times per year. While considered by some as a lagging report, (Lagging indicators demonstrate how well an economy has performed in the past few months, giving economists a chance to review their predictions and make better forecasts). The Beige Book has usually served as a helpful indicator to FOMC policy decisions on monetary policy.

Reports from the twelve Federal Reserve Districts as of April 16, 2008 indicate that economic conditions have weakened since the last report. Nine Districts noted slowing in the pace of economic activity, while the remaining three--Boston, Cleveland, and Richmond--described activity as mixed or steady.

Go to the site: http://www.federalreserve.gov/fomc/beigebook/2008/20080416/default.htm for more detail on the current economic situation in the twelve districts (Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.Louis, Minneapolis, Kansas City, Dallas and San Francisco.)