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bloomberg.com - 7/28/2009

Fed’s Yellen Sees First ‘Solid’ Signs of End to Slump (Update1)

— bloomberg.com — July 28 (Bloomberg) -- Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. economy... is showing the “first solid signs” of emerging from the recession and should resume growth later this year. “That recovery is likely to be ... (more) Fed’s Yellen Sees First ‘Solid’ Signs of End to Slump ...

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Beige Book suggests recession is easing
FT Alphaville — The pace of economic decline has moderated or stabilised in most parts of the US, the Fed said on Wednesday, with manufacturing, residential property and even employment showing signs of improvement. According to the Fed’s Beige Book - a regional snapshot of the US economy - overall economic activity has stabilised at a low level since its June report when most regions reported weak or worsening conditions. The report adds to signs that the recession is easing.

Words from the (investment) wise July 27, 2009
The Big Picture — ... which has reached a 26-year high of 9.5 per cent, is an ongoing worry, but there were some glimmers of hope in the Fed’s report. Seven districts said that businesses had begun to take advantage of the job cuts by partaking in “selective hiring” of top talent that other companies have shed. But the labour market is still “slack” and many businesses continue to cut workers, freeze pay or institute furloughs.” Source: Alan Rappeport, Financial Times, July 29, 2009. MoneyNews: Plosser - Obama risks damaging Fed ...

US economy steadying, but still fragile, Beige Book finds
FT Alphaville — ... in most Districts, although Dallas and New York noted that local prices were firming. Reports on commercial real estate suggest that the demand for space remained weak and that nonresidential construction-related activity continued to decline… Loan demand was described as weak and many Districts reported that credit standards remained tight… Labor market conditions remained weak across all Districts . Related links: Optimistically, pessimistic in the US - FT Alphaville Fed sees signs of economic improvement - FT