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Wednesday, June 15, 2005

Fed's Beige Book

Federal Reserve released Beige Book today.

Beige Book
Federal Reserve Board
June 15, 2005
Reports from all twelve Federal Reserve Districts indicate that business activity continued to expand from mid-April through May.

Retail activity was mixed. Several Districts reported disappointing May retail sales results and cited unseasonable weather as the principal reason. A few reports mentioned that high gasoline prices were having a negative impact on sales. Almost all reports on other service industries were quite positive. Residential real estate markets remained strong in most Districts, and several Districts reported improving commercial real estate conditions. Most Districts reported that manufacturing activity continued to expand overall, although some reports described varying conditions across industries.

Labor markets improved in most Districts. Overall price pressures were moderate, but several reports noted concern over high fuel, transportation, and building materials costs.

The Federal Reserve Bond: Beige Book

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