Consumer Spending Remains Slow

The report indicates that home sales and prices improved in most regions, but consumer spending remains sluggish and credit is still hard to get.

The economy is stabilizing or improving in most of the country. That’s according to the Federal Reserve’s so-called Beige Book. The report indicates home sales and prices improved in most regions. But it found that consumer spending remains sluggish and credit is still hard to get in most places. The report still helped stocks to finish on the plus side. The Dow Industrial’s gaining about 50 points, while the tech-heavy NAZDAQ rallied nearly 23. The Obama administration’s mortgage relief program appears to be gaining some traction. A new government report says nearly one in five eligible homeowners has received help so far. The plan which was launched in March had been slowed to get going. The modifications reduced a homeowner’s monthly payment to a more affordable level. Apple’s CEO Steve Jobs took the stage in San Francisco to launch a new product. It was Jobs’ first public appearance since his liver transplant earlier this year. In his trademark blue jeans and black turtleneck, Jobs introduced a new lineup of iPod, media players, and new version of Apple’s iTune store. McDonalds says sales rose 2.2% globally in August, the smallest monthly gain in six months. Even so, over the past year during the recession, McDonalds has consistently shown a rise in sales as people flocked to its low-priced menu. For more business headlines, log on to CBS moneywatch.com. In New York, I’m Alexis Christoforous.