The U.S. economy has been weakening as the most dangerous financial crisis in decades hits a wide range of industries, the Federal Reserve said Wednesday in its latest survey on business conditions around the nation.
"Overall economic activity continued to weaken across almost all of the Federal Reserve Districts since the previous reporting period," said the survey, the so-called Beige Book.
It said that consumer spending, which accounts for more than two-thirds of economic activity, were generally negative in most districts during the holiday season.
Manufacturing continued to fall in most districts since the previous report, with declines reported across a wide range of industries, said the survey, which is based on economic information supplied by the Fed's 12 regional banks and collected on or before Jan. 5.
It also warned that residential real estate activity continued to weaken, while lending activity continued to decline or remained weak.
The survey summarizes comments received from business and other contacts outside the Fed and is not a commentary on the views of Fed officials.
However, information from the survey will figure into discussions at the Fed's next policy-making meeting to be held later this month.
(Xinhua News Agency January 15, 2009)
