We are as close as you can probably get in an economy as large and as sophisticated as the U.S. economy to being becalmed, basically stuck in neutral.
That’s the impression one gets from the very first paragraph of the summary of the “Beige Book,” the compilation of economic activity across the various districts of the Federal Reserve.
The latest Beige Book was released by the Fed today and is based on information collected on or before July 19. Taken together, it’s a picture of an economy not declining, but growing at a level that’s probably not all that discernible from unchanged.
The big takeaway from the Federal Reserve’s monthly economic survey (called the Beige Book) for July is that all 12 Fed districts indicate economic activity is stabilizing. The biggest areas of weakness are broadly in employment and real estate markets and there are pockets around the country with particular weakness.
