Fed's 'Beige Book' says economy 'stabilized' during summer

The Federal Reserve's latest snapshot of the U.S. economy showed that conditions continued to stabilize in July and August, giving further credence to economists' beliefs that the nation's deepest recession since the Great Depression may finally be easing.

In issuing its latest "Beige Book" report, the Fed said Wednesday that its regional banks in Dallas, Boston, Cleveland, Philadelphia, Richmond and San Francisco saw economic activity improving while officials in Atlanta, Chicago, Kansas City, Minneapolis and New York described the situation as stable or headed in that direction. St. Louis remarked that the pace of decline appeared to be moderating.