Explaining Southern California's economy

100 words or less: The Fed's latest Beige Book

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AP Photo / J. Scott Applewhite

The Federal Reserve Building in Washington, DC.

Macroeconomic data! What could be more interesting, besides actuarial tables on dental malpractice and the fashion choices of aging corn farmers? 

In the interest of...brevity, I will now attempt to summarize, in 100 words or less, the Federal Reseve's most recent "Beige Book," a high-level snapshot of the U.S. economy.

Here we go.

The economy. Ehhh. Manufacturing was mixed, housing crummy, shopping and cars — good, good. Banking and financial services was all over the place, farming grew (heh, heh), and oil and coal...well, let's just say dirty energy is having a day in the sun. Hiring is picking up but wages aren't. Inflationary pressure on prices is building slightly but not yet showing up in the marketplace. Construction, sluggish. Renting versus buying? Renting is trending up. Healthcare hiring was uneven, but temporary staffing increased. Finally, tourism was a clear bright spot, and the big winner, city-wise, was New York, New York, baby!

 

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