Fed'S Brown Leather Book: The Economy Is Already Exhausted.
Beijing time on April 17th, the Federal Reserve released a "Brown Book" report on Wednesday, saying that in March, the US economy was exhausted because of personal consumer spending control and enterprises were suffering from rising costs.
The brown book said that in March, the demand for personal loans in the United States slowed down, the loan standards were tightened, and the labor market was weakening. The brown leather book is a summary of the economic activities of the United States and is collated by information provided by the 12 local banks of the Federal Reserve. The Wednesday Brown book was completed by the New York Federal Reserve, reflecting the economic data from the end of February to the beginning of April.
The brown book said: "reports from 12 local Federal Reserve banks show that the US economy has been exhausted since the last Brown book was published. 9 local fed pointed out that the growth rate of economic activity has slowed down. Only Boston, Cleveland and Richmond Fed said that the performance of economic activity was different or stable.
The report pointed out that consumer spending in most parts of the country was weak; the overall performance of the tourism industry was strong; the overall demand for the pport services sector was weak; the health services industry grew; manufacturing activities varied; agricultural conditions improved; and energy industry activities were strong. The report also said: "financial institutions in many regions have pointed out that demand for personal loans has declined, credit standards have been tightened and asset values have fallen."
The labor market in the US has been weakening since the publication of the last Brown book report in March 5th. New York, Chicago, Saint Louis and Minnesota reported the shortage of skilled workers, and the local Federal Reserve, such as Philadelphia, Atlanta and Minneapolis, reported that under the influence of slower growth in current or projected economic activity, local companies took measures such as laying off workers or stopping recruiting employees.
//cn.jxmmtv.com/c
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