By Evelina M. Tainer, Chief Economist, Econoday
October 25, 2002

Housing activity remains healthy but otherwise the economy is not showing signs of much improvement. The Federal Reserve's Beige Book of anecdotal evidence was almost painful to read. It appears that business activity, compared to the prior Beige Book released six weeks earlier, deteriorated through mid-October. Oddly enough, many corporate earnings reports have been favorable, allowing stock prices to hold at current levels - well above last month's lows.