By  on July 24, 2008

WASHINGTON — The arrival of stimulus checks in May and June could not counteract the overall slowing effects of economic pressures on U.S. consumer spending, according to the Federal Reserve Board’s Beige Book report.

The tax rebate checks had little or no effect on most consumer goods, with almost all of the 12 districts tracked by the Fed reporting slowing or weak sales. The anecdotal report, released on Wednesday, said “consumer spending was sluggish or slowing in nearly all districts, although tax rebate checks boosted sales for some items.”

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