Beige Book Sees 'Weak' Conditions

Areas across the country are reporting "weak," "soft" or "subdued" business conditions, the Federal Reserve's periodic survey of economic conditions said Wednesday, though there are signs of stabilization or improvement in some cities.

The Fed's so-called "Beige Book," which provides anecdotal evidence of economic conditions in 12 metropolitan districts across the U.S., said reports were broadly affected by sluggish consumer spending, high commodity costs, a slow-down in manufacturing and soft real-estate markets.

Even New York, one of the strongest real-estate markets in the country, has shown weaker demand for both residential and commercial mortgages, "widespread declines" in refinancing and higher delinquency rates. ...