Home and vehicle sales were strong but"many districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels," the Fed said.
In the New York region, growth"has stalled ... even as the spread of the virus has remained subdued and more businesses have gradually reopened." In Chicago,"Employment and manufacturing increased strongly," but a full recovery is not expected until late next year. Congress in late March approved the US$2.2 trillion CARES Act to provide emergency aid to businesses and workers who lost their jobs due to the Covid-19 shutdowns, and Fed contacts in several districts described the bill's impact as positive while hoping for additional aid.
Even as many businesses, including the hard-hit airline industry, are calling for more government aid, the ballooning federal debt and deficits hang over the economic outlook.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US employment projected to increase six million from 2019 to 2029: Labor DepartmentUS employment is projected to increase by 6 million jobs this decade, with the annual growth rate sharply slower than during the economy's ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US businesses see modest increase in activity, Fed survey showsUS businesses saw a modest increase in activity and employment generally increased through late August, a Federal Reserve report showed on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's factory growth slows, but services sector expands at solid rateCHINA'S factory activity grew at a slower pace in August as floods across southwestern China disrupted production, but the services sector expanded at a solid rate in a boost to the economy as it continues to recover from the coronavirus shock. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Japan's next premier to find COVID-19 pandemic eroding job market gains made by 'Abenomics'TOKYO: Whoever succeeds Shinzo Abe as Japan's prime minister will be confronted with growing signs that the job market is deteriorating in an ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan's next premier to find pandemic eroding job market gains made by 'Abenomics'Whoever succeeds Shinzo Abe as Japan's prime minister will be confronted with growing signs that the job market is deteriorating in an economy ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Ford to cut 1,400 US salaried jobs through buyouts by year endFord Motor Co said on Wednesday is targeting the elimination of 1,400 U.S. salaried jobs by year end as part of its ongoing, multiyear US$11 ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »