by Mike ‘Mish’ Shedlock
The Fed’s Beige Book tells us what we already know. The rebound has been weak and choppy.
The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts.
– Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic.
– Consumer spending continued to pick up, sparked by strong vehicle sales and some improvements in tourism and retail sectors. But many Districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels.