SMLL - Federal Reserve's Beige Book: Economic Activity Remains Well Below Pre-Pandemic Levels
Regional picture
Economic activity continued to increase in much of the country in July and August according to the US Federal Reserve's latest Beige Book report, containing anecdotal information from regional business contacts, but increasing COVID-19 outbreaks and heightened uncertainty around the course of the pandemic put the brakes on the recovery in Texas and resulted in stagnation in the Northeast. Hiring lost momentum over the summer as COVID-19 cases rose in the South and concerns around infection risk, childcare, and the coming school year limited employment growth in many regions. Retail sales dipped sharply