The ailing US economy is showing signs it 'has begun to stabilise' at low levels after more than 18 months of recession, the Federal Reserve said in its Beige Book.
The report, to be used by policymakers at next month's Federal Open Market Committee, said the decline is moderating, although many indicators remain weak and prospects for job creation remained grim.
'Reports from the 12 Federal Reserve districts suggest that economic activity continued to be weak going into the summer, but most districts indicated that the pace of decline has moderated since the last report or that activity has begun to stabilise, albeit at a low level,’ the report said.
Some Fed districts used the words 'slow', 'subdued', or 'weak' to describe activity levels, while others indicated the pace of decline appeared to be moderating.
Others pointed to 'signs of stabilisation'.
