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Fed reports slowing US economic activity due to virus surge

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Posted at 4:40 PM, Dec 02, 2020
and last updated 2020-12-02 16:40:25-05

WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country has found that economic activity in several regions slowed in November as coronavirus cases surged.

The Fed report released Wednesday says that overall, the Fed’s 12 regional banks characterize the economic expansion as “modest or moderate.” But it notes that three Midwest regions and the Philadelphia region reported activity had begun to slow in early November as COVID-19 cases surged.

The report says that most districts found that optimism among business contacts has “waned” with many citing concerns about the wave of virus cases and renewed lockdown restrictions.