Fed survey: Economy is stabilizing
The Beige Book survey of economic conditions predicts a long period of weakness as the economy transitions to recovery.
WASHINGTON (Reuters) -- The pace of the U.S. economic recession slowed or stabilized in most areas of the country, a Federal Reserve report said Wednesday, pointing to a protracted period of weakness even as the economy transitions to recovery.
Labor markets across the country were "extremely soft," with little upward pressure on wages, the Fed said in its Beige Book survey of economic conditions through July 20.
Wages and compensation were steady or falling in most areas, the Fed said. Employers reported different methods of cutting pay in addition to, or instead of, freezing or lowering wages, it added. 
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