The slowdown in economic activity is likely to continue as states put more restrictions in place to control the virus, and the momentum to return to full employment could fade as consumers remain cautious, Boston Federal Reserve President Eric Rosengren said Wednesday.
Consumer spending is likely to say low relative to the past as people avoid activities that require high levels of social interaction for health reasons, Rosengren said."The forecast for the U.S. economy this fall is quite uncertain, but my view is that the recent slowdown in economic activity that we have seen in high frequency data is likely to continue," he said in remarks prepared for an online event organized by the South Shore Chamber of Commerce.
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