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12/2/2020, 8:04 PM (Source: TeleTrader)
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Fed: Most Districts seen modest expansion

Most Federal Reserve Districts have reported "modest" or "moderate" economic expansion since October, the Fed's so-called Beige Book revealed on Wednesday.

Several Districts observed that activity began to slow down again in November as the second wave of the coronavirus hit the United States, reflecting in diminished optimism of businesses. "Most Districts reported that firms’ outlooks remained positive; however, optimism has waned – many contacts cited concerns over the recent pandemic wave, mandated restrictions (recent and prospective), and the looming expiration dates for unemployment benefits and for moratoriums on evictions and foreclosures," the Beige Book said.

At the same time, nearly all Districts reported that employment rose at a slow pace "at best," while the recovery remained incomplete.

Breaking the News / JC