Fed's Beige Book: "Economic activity declined in all Districts – falling sharply in most"

Fed's Beige Book "This report was prepared at the Federal Reserve Bank of Kansas City based on information collected on or before May 18, 2020." 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. Declines were especially severe in the leisure and hospitality sector, with very little activity at travel and tourism businesses. Auto sales were substantially lower than a year......(read more)

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