Fed Report Sees Slow But Steady Economic Progress
Date: 7/29/2010
A new report from the Federal Reserve finds that economic conditions are varied in different parts of the country, although a recovery does appear to be making slow progress.

According to the Fed's Beige Book report, manufacturing activity has been rising in most districts of the country, although not necessarily as much as it had been in previous months. The Fed cited Atlanta and Chicago as two districts where economic activity has been slower, while Cleveland and Kansas City have experienced a steadier pace.

In the manufacturing sector, automobiles and parts appear to be providing a significant portion of momentum, while some parts of the country have seen progress in other industries, including semiconductors and aircraft.

Given the dependence of the U.S. economy on consumer spending at the present time, investors may be glad to hear the Fed's assessment that retail sales "were generally positive" in the early summer, although they did not tend to rise dramatically.

Finally, the Fed added that real estate has been "sluggish" in most parts of the country following April's expiration of the popular tax credit for homebuyers.