The Federal Reserve Board’s Beige Book came out today and it showed some promising economic signs for July and August.
A quick snapshot of the report for the Seventh District (Chicago):
- Economic activity stabilized at a low level for the district and Fed contacts are cautiously optimistic for a recovery over the remainder 2009.
- Consumer spending was up while the decline in business spending and the pace of job losses both slowed.
- As for existing real estate, single-family home sales increased and prices stabilized, but condo prices were significantly reduced and financing continued to be a concern for condo buyers.
- The Cash-for-Clunkers program helped drive strong new auto sales and Illinois was one of the top five states using the program.