Approximately once every six weeks, the Federal Reserve published the Beige Book, which contains a collection of anecdotal reports of local economic conditions within the 12 regional Fed districts. In general, this report is not given a lot of fanfare, but during times like these any new piece of information that can offer insight about the economy’s trajectory is near and dear. So what is the main takeaway this time? Essentially, the report highlighted the importance of a region’s industrial mix, as districts that possess an above average share of manufacturing, agricultural and/or resource extraction activity continued to register modest economic growth late in the summer while areas wracked by housing foreclosures are either slipping back into recession or seeing only marginal improvements.

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