Economic activity has showed a deep decline due to measures taken during the coronavirus scare, with leisure and hospitality as well as retail the hardest-hit so far, according to the Federal Reserve’s latest Beige Book report.
The report released Wednesday also said most areas saw manufacturing declines that varied among industries. Food and medical product producers saw strong demand but faced obstacles in production and supply chains.
“Economic activity contracted sharply and abruptly across all regions in the United States as a result of the COVID-19 pandemic,” the report said. “All Districts reported highly uncertain outlooks among business contacts, with most expecting conditions to worsen in the next several months.”
Released periodically through the year, the Beige Book surveys the Fed’s 12 districts for activity across sectors.
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