Economic growth has slowed considerably since earlier in the year

Economic growth has slowed considerably since earlier in the year Where are the Trouble Spots in Real Estate

Economic growth has slowed considerably since earlier in the year, according to the Federal Reserve's report released Wednesday.

Brian A. Bethune, IHS' chief U.S. economist called the Fed's assessment "surprisingly frank description of current economic conditions." "While this characterization of the economy is not a surprise, given the recent downward inflection of indicators on consumer and business spending...and the employment markets, the very frank description of the situation and the avoidance of the use of the typical Fed euphemisms suggests a great deal of concern about the direction of the economy".

Reports from the 12 Fed districts painted a picture of "widespread signs of a deceleration.

Economic growth at a modest pace:

St. Louis,


Kansas City,


San Francisco

Mixed conditions or deceleration in overall economic activity:

New York,





Positive developments or net improvements:

Only Boston


Major trouble spots identified:

Poor home sales,

Weak demand for commercial space,

Residential real estate markets continuing to decline,

Inventories of available homes rose in general

Price movements were mixed, with most districts reporting stability or declines of late. Demand for commercial, industrial, and retail space generally remained depressed. Vacancy rates stayed at elevated levels in most areas and rose further in a few districts, placing substantial downward pressure on rents. Asking rents continued to decline in parts of New York and Kansas City.


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