The Fed Beige Book was just released today for - The Federal Reserve Banks of Atlanta District. (The Atlanta region also covers GA, AL, FL, and parts of LA, MI and TN.) - Tell me something I don't know already. First a little history about the "Beige Book." The Beige Books a report that is issued by the Federal Reserve System 8 times a year and is a summary of the economic conditions in the Federal Reserves 12 regional Federal Reserve Banks or Districts. The Beige Book Report precedes the Federal Reserve policy meeting by 2 weeks (Where interest rates are discussed and set!) The next policy meeting is set for November 3 - 4.
Federal Reserve Bank of Atlanta Region
The Beige Book noted economic activity in the Atlanta region "pulled back." As if no one in Atlanta noticed all the store and restaurant closings... that retail sales and traffic in stores stayed below expectations. Auto dealers - stated that auto sales dropped with the end of the "Cash for clunkers program." Tourism was weak as measured by hotel reservations related to the convention industry. There are commercial vacancies all around town, and commercial real estate activity declined even further as vacancy rates rose, rents declined and more planned projects were delayed or canceled. The pace of layoffs slowed...businesses said that they weren't looking to hire in the near future.
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