On 3/3 the Federal Reserve released their Beige Book report which highlights economic activity in the twelve Federal Reserve districts.
In the positive column, demand for services, and manufacturing activity improved across most regions. And, in some districts, housing improved as well. Districts reporting on energy activity said it continued to strengthen, particularly drilling for natural gas.
In the less than positive column, employment remained soft, and loan demand remained weak. In addition to weak demand for loans, lending standards also remained tight, further restraining business activity.
These mixed signals are in part what is keeping the equity market in a holding pattern, with the negatives seeming to cancel out the positives, at least for the time being.
