BAD BEIGE

The Fed Beige Book, which comes out every six weeks, is troubling. In January, all 12 districts were growing. In March, four were growing, six were flat and two were contracting. In April, five districts were growing, three were flat and four were contracting. Now three are growing, three are flat and six are contracting. The number of districts contracting is steadily rising, now half of all districts.