No subject

Prepared at the Federal Reserve Bank of Boston and based on information 
collected on or before July 20, 2009. This document summarizes comments 
received from business and other contacts outside the Federal Reserve and is 
not a commentary on the views of Federal Reserve officials.
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 stabilize, albeit at a low level. Five Districts used 
the words "slow", "subdued", or "weak" to describe activity levels; Chicago 
and St. Louis reported that the pace of decline appeared to be moderating; 
and New York, Cleveland, Kansas City, and San Francisco pointed to signs of 
stabilization. Minneapolis said the District economy had contracted since 
the last report.



http://www.federalreserve.gov/fomc/beigebook/2009/20090729/default.htm