Wal Mart's Glum View of US Economy
The gloomy reality of the US economy was well summed up by the latest Beige Book of economic and business anecdotes across the country from the Federal reserve; but the reality of life for US consumers and retailers was summed up by Wal-Mart which is adopting a brutal, deep discount approach to selling this Christmas. The Fed's Beige Book for the two day meeting starting November 3 was the less dramatic, saying: "Reports from the 12 Federal Reserve districts indicated either stabilization or modest improvements in many sectors since the last report, albeit often from depressed levels."
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