When the Bears Ate Goldilocks
Today's brutal payroll employment report capped one of the toughest weeks for economic data that I can remember, with events ranging from the Dow's expanded dollar menu to skyrocketing mortgage delinquencies. Perhaps one of the more troubling reports to come out this week was the Fed's Beige Book. Normally, the Beige Book doesn't receive top billing since it relies more on anecdotal reports from the 12 Federal Reserve districts over discrete data points; however, since the report delves into multiple segments of the economy across different geographic regions, it might shed some light on pockets of strength macro-based data might overlook. Unfortunately, this wasn't the case and the report suggested sectors such as commercial real estate markets are headed for rough times.
03-06-2009 11:39 AM