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FBN’s Peter Barnes with the latest report from the Federal Reserve’s Beige Book.
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But first of breaking news from the Federal Reserve Peter Barnes and Washington -- -- -- Peter.
Well -- Charles economy continued to expand at a modest to moderate pace from mid February through late march according to the latest Beige Book survey of the twelve Federal Reserve Bank districts that is that no change in the description of the economy.
From the Beige Book released in late February the February the last one before this one and this report really shows no sign.
Of any problems in the job market despite that weak jobs report on Friday now this is the report that the FOMC will use at its next policy meeting in two weeks.
It says quote hiring was steady.
Or showed a modest increase across many districts though employers and three districts Boston Richmond and Atlanta.
Said they needed to see more robust growth before they expanded permanent payrolls further.
The report talks a lot about high gas prices pinching all around the country.
But says that overall price inflation was modest the report said that quote retail spending continued to improve.
In almost all districts helped in some places by that unseasonably warm weather.
The problem -- what -- this report is that after Friday's weak jobs report this information already may be outdated.
I think -- page book is not really gonna capture the fact that you know just this week we got some.
Displaying news Chinese imports but it's disappointing news from Europe -- you know Spanish interest rates.
So those things are probably what is weighing on the market you know this week.
And the Beige Book may be out of date in terms of.
But Joseph -- -- who is a former fed economist points out that the Fed and the FOMC are always data driven so you have this might be at a date they have all the new data.
One nugget for you always like to find it contacts in Philadelphia and Cleveland.
Noted that new federal regulations are exacerbating.
The truck driver shortage.
There is a truck driver shortage out there and I looked this up there.
It's been a problem and we have a back up clear that the -- Now I gotta say we did very well for awhile by the way -- some other problems -- like a lot of guys.
Can't pass the week -- we will talk about that later by the white to Beige Book does not Villeneuve out of Washington.
Tell us about the federal budget deficit.
Yeah we have the new deficit -- on numbers for march of the deficit grew by ten billion dollars in March it was a 198 billion up from a 188 billion a year ago.
And for the fiscal year to date the deficit fell.
By fifty billion to 779.
Million other -- some accounting issues and march for example.
Thirty million dollars and benefit payments -- usually on the first of every -- month.
Were paid at the end of march because April 1 fell on -- Sunday this time around but we are halfway through the fiscal year and clearly on track to another trillion dollar.
Plus deficit Charles you always make my day Peter Barnes thanks a lot.
