Federal Reserve officials saw"little or no growth" in four of their 12 U.S. districts and only modest growth elsewhere in recent weeks amid a rapidly spreading health crisis and the impact of a recession that has devastated some businesses and families even as many others thrive.
In the Philadelphia region and much of the Midewest"activity began to slow in early November as COVID-19 cases surged," the U.S. central bank said on Wednesday in its latest"Beige Book" compendium of anecdotes from businesses across its 12 reserve districts.While some sectors like manufacturing did well, signs of stress mounted.
The reports, collected before Nov. 20, included stories of factory managers struggling to find workers to help meet a boom in goods sales, even as hard-hit restaurant and hospitality businesses continued to face depressed demand for in-person services because of the coronavirus pandemic.
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