A Federal Reserve report says the US economic slump has worsened since early December, with a slowdown hitting a wide range of industries.
The Fed's Beige Book report will be used by the Federal Open Market Committee at its next interest rates meeting on January 27-28. It indicated further deterioration in the economy one year after it slid into recession.
'Overall economic activity continued to weaken across almost all of the Federal Reserve districts since the previous reporting period,' the Beige Book said.
The report said retail sales were 'generally weak', amid 'deep discounting' during the holiday sales season. The slump extended to vehicle sales, most manufacturing sectors, and in many cases tourism activity.
In the property sector, where the crisis began, 'markets continued to worsen in most districts', with lower home sales, reduced prices and decreases in construction activity in much of the country.
Since the last Beige Book report on December 3, the Fed lowered its target federal funds rate from 1.0 percent, already at a historic low, to a range of zero to 0.25%.
