by Calculated Risk on 9/03/2008 02:30:00 PM

From the Fed Beige Book:

Reports from the twelve Federal Reserve Districts indicate that the pace of economic activity has been slow in most Districts. Many described business conditions as "weak," "soft," or "subdued."
...
Consumer spending was reported to be slow in most Districts, with purchasing concentrated on necessary items and retrenchment in discretionary spending.

And on Real Estate:

Residential real estate conditions weakened or remained soft in all Districts, except Kansas City, which reported a modest increase in sales since the last report.
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Commercial real estate activity moved down or remained weak in all Districts except Dallas.

A pretty weak report.