Government

Paying Attention to the Beige Book

While we may be very aware of the Federal Reserve and their banks, the term Beige Book may not be as familiar. But their reports may be increasingly of import to an anxious public. Here's their own definition:

Summary of Commentary on Current Economic Conditions by Federal Reserve District

Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

What follows are selected parts of their April 15th report:

Reports from the Federal Reserve Banks indicate that overall economic activity contracted further or remained weak. However, five of the twelve Districts noted a moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level.

Manufacturing activity continued to decline in most Districts and across a wide range of industries. Several reports, however, noted that the pace of decline had slowed or that factory activity had stabilized. The Boston, Philadelphia, Richmond, Atlanta, St. Louis, Minneapolis, and San Francisco Districts cited decreases in production. The Chicago and Kansas City Districts said declines in production had slowed. The Cleveland District noted some leveling off in declines in new orders, and the New York and Dallas Districts noted that demand was beginning to bottom out following steep declines.

In contrast, orders and sales of high-tech equipment firmed somewhat at very weak levels in the Dallas and San Francisco Districts. Defense firms in the Boston and Cleveland Districts reported solid activity. Food manufacturers saw sales gains in the Philadelphia and San Francisco Districts, and a food manufacturer in the St. Louis District noted plans to open a new plant. Pharmaceutical firms in the Boston and Chicago Districts continued to see solid demand; petrochemical producers in the Dallas District noted a slight turnaround in operating rates.

Read the entire report at the Federal Reserve site

Making Home Affordable

The US Department of the Treasury and the Department of Housing and Urban Development has launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.

First announced by President Barack Obama in February, Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities. MakingHomeAffordable.gov is a joint effort of the Department of the Treasury and HUD. "Education and outreach is central to the success of our Making Home Affordable program," said Treasury Secretary Tim Geithner. "Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible borrowers, and stabilizing the housing market is central to our overall economic recovery."

LINKS * MakingHomeAffordable.gov

Recovery.gov & Tracking Jobs Created, Saved

President Barack Obama has many times referred the electorate to consult a new government website, recovery.gov. That site is now operating and can be consulted for the following features:

"As the centerpiece of the President’s commitment to transparency and accountability, Recovery.gov will feature information on how the [Recovery and Reinvestment] Act is working, tools to help you hold the government accountable, and up-to-date data on the expenditure of funds.

"The site will include information about Federal grant awards and contracts as well as formula grant allocations. Federal agencies will provide data on how they are using the money, and eventually, prime recipients of Federal funding will provide information on how they are using their Federal funds. On our end, we will use interactive graphics to illustrate where the money is going, as well as estimates of how many jobs are being created, and where they are located. And there will be search capability to make it easier for you to track the funds.

"The first incarnation of Recovery.gov features projections for how, when, and where the funds will be spent — which states and sectors of the economy are due to receive what proportion of the funds. As money starts to flow, far more data will become available.

Another website used by Obama has created a states map that identifies the number of jobs that should be created or saved as part of the Recovery and Reinvestment Act:

"As the American Recovery and Reinvestment Act begins to effect, communities across the country are beginning to evaluate the impact on their local economies, and how best to quickly and efficiently put people to work. The map (that can be found at the website link below) provides a state-by-state look at how many jobs are expected to be created or saved by the plan. Roll over your state to see how President Obama's economic recovery plan will benefit your community:
How Many Jobs Will be Created or Saved in Your State?
"Already a number of projects have been identified that will help get local economies moving again. Tampabays10.com reported on a local project that will account for some of the 207,000 projected Florida jobs that will be created or saved by the plan."

©1999-2009 Tam Martinides Gray, SeniorWomenWeb