Market news
12.01.2011, 19:02

FED: Beige book for Jan 25-26 FOMC meeting was very upbeat.

It says "economic activity continued to expand moderately from Nov through Dec" and all 12 districts gained, vs 10 gaining and 2 mixed in the Dec report. Mfg, retail, & nonfinancial services were better than financial svcs or real estate. Mfg continued recovery in all areas; retail sales were up YOY in all areas. Transport and finance were mixed. Residential real estate mkts remained weak across all Districts. Comm'l construction was subdued or slow. Some costs rose, but with only modest pass-through into final prices. Labor markets appeared to be firming somewhat with modest hiring beyond replacement, but pressure on wages was very limited. Most contacts had a positive outlook. Book was
summarized at Boston Fed and based on info collected on/before Jan 3.

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