• DECEMBER 4, 2008

Downturn Spares Few Areas of U.S.

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Economic activity is weakening across the U.S., a new Federal Reserve survey shows, with few sectors or regions spared from the deepening downturn.

Through late last month, nearly every area of the U.S. reported tighter lending, declining sales and manufacturing, and softening labor and real-estate markets, according to the Fed's Beige Book survey of regional economic activity. Sectors such as agriculture and energy, which until recently were bright spots, began to dim as commodity prices declined. (Read the full report.)

The central bank's report Wednesday follows other signs that employers are shedding jobs at a quickening pace.

The Institute for ...

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