Fed’s Beige Book report showed that economic activity “contracted sharply and abruptly across all regions” in the US as a result of the coronavirus pandemic. And, “all districts” reported highly uncertain outlooks among business contacts, with most expecting “conditions to worsen in the next several months.”
Regarding the job markets, contacts in several Districts noted they were cutting employment via “temporary layoffs and furloughs” that they hoped to reverse once business activity resumes. The near-term outlook was for “more job cuts in coming months.”
