KEY HIGHLIGHTS
Economic activity improved in nine of its 12 districts but at a “modest” pace.
The improvement is not seen to persuade companies to ramp up hiring.
“Weather” is mentioned 40 times or more from recent snow storms.
“Most districts characterized commercial real estate and construction activity as weak or having declined.”
Some districts “reported an uptick in hiring or a slowdown in layoffs, labor markets generally remained soft throughout the nation.”
The report killed enthusiasm sending the Dow Jones Industrial average 9 points to 10,396.76.
Stocks have been strong for three straight days so the pullback was not surprising.
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