Federal Reserve System (Fed) Beige Book: economic activity in the USA to decline for almost three consecutive months
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Federal Reserve System (Fed) Beige Book: economic activity in the USA to decline for almost three consecutive months
Economic activity declined in all Districts – falling sharply in most – reflecting disruptions associated with the COVID-19 pandemic as stated in the summary of comments by Fed Beige Book related on the economic situation in the country. Such dynamics are already noted in two consecutive reports, which were based on data collected from February 25 to May 18.
source..As stated in the Summary - "economic activity declined in all Districts – falling sharply in most – reflecting disruptions associated with the COVID-19 pandemic. Consumer spending fell further as mandated closures of retail establishments remained largely in place during most of the survey period." And more - "energy activity plummeted as firms announced oil well closures, which led to historically low levels of active drilling rigs. Although many contacts expressed hope that overall activity would pick-up as businesses reopened, the outlook remained highly uncertain and most contacts were pessimistic about the potential pace of recovery".