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US economy 'cautiously positive'

US economy 'cautiously positive' article image
The latest Beige Book report by the US Federal Reserve show cautious optimism with regard to the nation's economy. "Reports from the 12 Federal Reserve districts indicate that economic activity continued to stabilise in July and August," according to the report. "Most districts noted that the outlook for economic activity among their business contacts remained cautiously positive." The Beige Book reports that parts of the economy have begun to stabilise, while others have shown outright improvement. Retail sales were largely flat, but the government's 'Cash for Clunkers' program had initiated a boost to auto sales. The USA's second quarter figures showed a decline of one percent in gross domestic product, far less that the 6.4 percent recorded in the first quarter of this year. Economists expect slight growth in the third quarter.

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