Today the Federal Reserve published the April Beige Book. The Beige Book is a Federal Reserve System publication about the current economic conditions are the 12 Federal Reserve districts. Each district summarizes the market situations of each district based on qualitative information obtained for the sources available in that district.
As everyone would image the general news is not good. The COVID-19 pandemic has affected every sector of the economy, mostly in a negative manner. All of the districts reported a slowdown of activity. In the Chicago district “Economic activity declined, but the intensity of decline varied by industry. Consumer spending decreased sharply; business spending, construction and real estate activity, and manufacturing production decreased moderately. Retail and hospitality payrolls plunged. Wages edged up and prices were little changed. Financial conditions deteriorated substantially, as did prospects for agricultural income.”
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