P.M. BRIEFING : Fed Reports ‘Weaker Pattern’
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WASHINGTON — The Federal Reserve, in its periodic snapshot of the U.S. economy, said today that business conditions display an overall “weaker pattern” with declines in consumer confidence, retail sales and business loan demands.
The survey, which was conducted by each of the 12 Fed districts, found economic activity declining in many of the regions after being sluggish in recent months.
“Several districts report a decline in consumer confidence and business confidence, and many refer to expectations of continued diminution in economic activity,” the Fed said in its “Beige Book.”
Retail sales, after being adjusted for inflation, fell below year-ago levels in almost all the 12 Fed districts, and manufacturing conditions and construction have weakened in most of the regions.
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