...but don't have the patience to wade through detailed economic reports, then you'll want to take a look at the Beige Book released by the Federal Reserve Board on Wednesday Sept. 3rd.
The Beige Book is released eight times a year and consists of comments (a.k.a. anecdotal information) gathered from contacts in business, agriculture, and labor as well as banks and advisory councils outside the Federal Reserve Board.
What's the big deal? The Beige Book provides a snapshot of market conditions and economic issues that may signal how the Federal Reserve Board will act to set monetary policy. The Beige book is released two weeks before the Federal Reserve Board of Governors meets, and is one of many indicators (in addition to detailed national forecasts) used by the Board to gauge the economy. Topics covered include: consumer spending and tourism, nonfinancial services, manufacturing, real estate and construction, banking and finance, agriculture and natural resources, and prices and wages.
It's not a perfect indicator, but it contains a wealth of interesting information about the economy - and it includes information nationally as well as by region (Boston, New York, Philadelphia, Cleveland, Richmond (VA), Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, San Francisco). Not bad for an economic source!
Visit the Federal Reserve Board's Education page to learn more about the Federal Reserve Board, consumer banking, basic information on loans and credit, interest rates and other personal financial information.
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