FED BEIGE BOOK: U.S. ECONOMY WEAK IN SEPT

2:00pm 10/24/01   FED BEIGE BOOK: U.S. ECONOMY WEAK IN SEPT., EARLY OCT.

2:00pm 10/24/01   FED: LONG-RUN EFFECT OF SEPT. 11 HARD TO ASSESS

2:00pm 10/24/01   FED: MANUF. AND RETAIL WEAKER THAN BEFORE SEPT. 11

2:00pm 10/24/01   FED: SECURITY PRECAUTIONS DISRUPTING PRODUCTIVITY

2:00pm 10/24/01   FED: MOUNTING LAYOFFS SPAN MANUF. TO MEDIA TO HIGH-TECH

2:00pm 10/24/01   FED: ORDERS, SHIPMENTS FOR RANGE OF GOODS REMAIN WEAK

2:00pm 10/24/01   FED: LITTLE UPWARD PRESSURE ON WAGES, PRICES

2:00pm 10/24/01   FED: SOFTER RETAIL HAS TEMPERED HOLIDAY SALES PLANS

2:00pm 10/24/01   FED: ATTACK LIKELY TO HAVE LONGER-TERM IMPACT ON MANUF.

2:00pm 10/24/01   FED: TOURISM HAS REBOUNDED SINCE SEPT. 11 AFTERMATH

2:00pm 10/24/01   FED: NEW YORK REPORTS PICK UP IN INDUSTRIAL ACTIVITY

2:00pm 10/24/01   FED: CONSTRUCTION ACTIVITY SLOWED IN SEPT., EARLY OCT.

2:00pm 10/24/01   FED: MOST DISTRICTS REPORT WEAKER HOME CONSTRUCTION

2:00pm 10/24/01   FED: BANKS REPORT FLURRY OF MORTGAGE REFINANCING

2:00pm 10/24/01   FED: MOST AREAS REPORT STEADY-DECLINING CONSUMER PRICES

Beige Book report weak, as expected

By Rachel Koning
A weakening U.S. economy was aggravated by the Sept. 11 terrorist attacks, anecdotal evidence in the Federal Reserve's Beige Book report showed Wednesday. The report was widely expected to be weak and offered little surprises for financial market participants banking on another interest-rate cut from the Fed, probably as soon as the Nov. 6 policy meeting. The report covered all economic activity in the central bank's 12 districts in September and early October. Although some aspects of business have recovered since the immediate aftershock of the attacks, retail and manufacturing remain weaker than ahead of the attacks. Orders of goods ranging from steel to semiconductors are down. Retailers have adjusted their holiday purchase plans downward based on anemic sales in the ensuing weeks after Sept. 11. Layoffs have mounted at companies ranging from traditional industry to media to high tech, the Fed said. There is little to no upward pressure on wages or prices, with consumer prices falling in some areas. The Fed said the attack is likely to have a longer-term effect on manufacturing. Elsewhere, the construction industries saw broader weakness that before, with slower activity spreading to the residential sector for many parts of the country.