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4/15, 8:07 PM (Source: TeleTrader)
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Virus led to 'sharp' decline of US economic activity - Fed's Beige Book

Federal Reserve's Governors Board released the bank's Beige Book on Wednesday, stating that economic activity in the United States has been "sharply" reduced due to the coronavirus pandemic.

The Fed revealed the most affected industries were leisure and hospitality, as well as retail. On the other hand, essential goods such as food and medicine recorded strong demand, but faced production delays and supply chain disruptions because of the virus-related lockdowns.

The report also wrote the manufacturing industry was deeply impaired, citing the auto industry shutdown, while reduced investment and output were also noted in the energy sector.

Overall, all of the Fed's district banks reported "highly uncertain outlooks among business contacts, with most of them expecting conditions to worsen."

Breaking the News / ND