Fiscal concerns stall factory output: Beige Book (by Greg Robb)
WASHINGTON (MarketWatch) -- A majority of the Federal Reserve's 12 districts reported either slowing or contracting manufacturing, as concerns about the fiscal cliff clouded the outlook for factory owners, according to the latest Beige Book report on current economic conditions released on Wednesday. The extent of weakness in manufacturing is unexpected. The report said overall activity expanded at a measured pace. Hurricane Sandy led to weaker conditions in New York but there were expectations of a rebound due to rebuilding. Labor market conditions only improved modestly.