Throughout the FOMC meeting, participants have attested that the overall economic conditions of the world's largest economy have slowed within this recent period; the overall recovery tempo has stagnated while that prices pressures remain subdued and deflation risks eased noticeably.

However the major economical obstruction; the labor market deterioration, has eased but only faintly as the jobless rate remains high and crucial with initial claims for unemployment insurance continuing at an elevated level and a minor gain only is witnessed within the private payroll employment throughout the second quarter while that private nonfarm employment expanded but at a slow pace and private employment increased slowly In June and July.

Now, consumer spending continued to expand but at a modest rate in June and business outlays for equipment and software developed to further levels while that the country's industrial production rose faintly in June after a cheerful enhancement of overall industrial activities in May.

As for the housing market, the committee participants attested that overall housing activities dropped back and continue on being at a depressed level, while that and nonresidential construction remained weak due to record foreclosures, high crucial jobless levels that remain near to a 26-year high and weakened home sale caused by the expiry of the government tax credit program, having existing home sales plummeting in June but single-family homes sales rebounding in June after dropping considerably in May.