Fed report: Economy very slowly gaining momentum

Wash Post:

The beige book, a compilation of anecdotal reports from businesses across the country, offered further confirmation of trends that have emerged from a range of economic data in recent weeks: The manufacturing, retail and service industries outside of finance appear relatively strong. The job market is gradually improving. And the housing sector remains a significant drag on the economy.

Add it all up, and the picture is an economy very slowly gaining momentum, with some continued pockets of distress but also definite signs of progress as 2011 gets underway. In the all-important labor market, for example, conditions "appear to be firming somewhat," though not enough to push wages upward.

One small anecdote. They're building new condos a few blocks away from me in DC. I haven't seen any new condos built in years. The housing market in DC survived much of the damage felt around the nation, but still, things seem to be picking up here as well.