Beige Book points toward stabilization
The pace of recession moderated in the Beige Book update released by the Federal Reserve on July 29. The Kansas City district joined Cleveland, New York and San Francisco in pointing to signs of economic stabilization; Chicago and St. Louis said the pace of decline appeared to be moderating. However, Minneapolis reported that the ninth-district economy had contracted since the last report, with further declines in retail sales, service industry activity and manufacturing. Chicago, Kansas City and Minneapolis reported modest increases in car sales. Health sector activity in Minneapolis . . .
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