At least economic activity is no longer 'decelerating,' as reported in the previous beige book,
More Quotes from Ian Shepherdson:
It now appears that the trend in jobless claims is stabilizing at about 400,000 per week, ... This is well above the trend level at this time last year, but it is no higher than in the spring. This means that layoffs are continuing at a rapid pace, but they are not accelerating.Ian Shepherdson
It is tempting to argue that two straight months of sales nearer to the 900,000 level than one million...is evidence of a real slowing in housing. But it probably tells us more about the awful weather across much of the country,
Ian Shepherdson
The Fed's chief worry is still the labor market, ... So long as the unemployment rate does not fall further, and clear signs of consumer slowed own emerge, the Fed will be able to leave rates on hold.
Ian Shepherdson
The labor market is tightening, but the tightening is not accelerating.
Ian Shepherdson
Clearly, this report looks awful, but it does not presage any change in the underlying inflation environment, ... PPI is not driving Fed policy.
Ian Shepherdson
The mystery is how to square with this with both the Redbook and Bloomberg chain store sales surveys, which pointed to a huge gain, ... Maybe it will come in March, or today's numbers will be revised up. Either way, this is a brief diversion, not a change
Ian Shepherdson
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