US data showed Wednesday that service industries contracted by the biggest margin on record in November while large companies announced 181,671 lay-offs during the month – the most in nearly seven years. In addition, the Fed’s Beige Book, which offers a snapshot of the economy based on anecdotal evidence provided to the US central bank, showed that “overall economic activity weakened” across all 12 Fed districts since the last report in mid-October. The Fed report, based on data collected before Nov 24, found that consumer spending fell across the US, with vehicle sales “down significantly” in most regions. Manufacturing activity “declined noticeably” in most areas, and almost all regions reported falling exports.

This entry was posted by Gwen Robinson on Thursday, December 4th, 2008 at 5:53 and is filed under Capital markets. Edit this entry.