Fed Says Recovery Is 'Slow, Uneven': Continued Economic Weakness Cited MIXED REVIEWS
The Federal Reserve yesterday reported that the nationÛªs recovery from recession is proceeding at a "slow, uneven pace,Û with continued weakness in retail sales and real estate, and new rounds of layoffs by state and local governments.</br></br>The central bankÛªs report, compiled by its 12 regional banks from the comments of hundreds of business people across the country, follows a spate of pessimistic statistics that reflected the grudging transition to recovery from recession.</br></br>YesterdayÛªs report is both the most recent indication of economic malaiseÛÓit covers the period through the end of JulyÛÓand one of the rare barometers of the national economy that is based on widespread polling of the private sector, rather than on compilations of statistics.</br></br>rate Tuesday in hopes of stimulating business and consumer spending. The picture drawn by the document is of a recovery somewhat weaker than Bush administration officials have suggested.</br></br>"National economic conditions continue to improve, but at a slow, uneven pace,Û said the report, which is called the Ûª beige bookÛ after the color of its cover.