A Federal Reserve survey of business conditions around the country found that the U.S. economy grew at a “slight to modest” pace in September and early October, but it also documented many areas of economic activity hobbled by the COVID-19 pandemic.
The report, known as the Beige Book, said that the outlook among the central bank’s business contacts remained generally optimistic but that respondents expressed “a considerable degree of uncertainty” about the future. The report said that although consumer spending, which accounts for two-thirds of economic activity, remained positive, some districts reported a leveling off in retail sales, which could be linked to the expiration of the support programs in the summer.
Lewis Alexander, U.S. chief economist for Nomura, said he believes these price increases would turn out to be transitory as production ramps up.The Fed report was based on responses gathered by the Fed’s 12 regional banks before Oct. 9. The information will be used when the Fed holds its next meeting to set interest rates on Nov. 4 and 5, just after the election.
Shocking! How is this news?
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:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A 'blue wave' in U.S. elections could bring forward Fed rate hikes, says Morgan StanleyThe first rate hike by the Federal Reserve could be brought forward from around 2024-2025 to 2023-2024, said Jim Caron, a fixed income portfolio manager at Morgan Stanley Investment Management. A bizarre thesis. Fiscal stimulus could speed up the recovery and allow interest rates to return to normal...and this is bad news? Wider economic growth is so much more important to the average American than low interest rates. The only problem is its going to be a red wave not blue You guys never cease to amaze me. How much fear is there out there.
Source: CNBC - 🏆 12. / 72 Read more »
Treasury yields move higher as investors monitor economic data, auctions and Fed speechesU.S. government debt prices were lower on Tuesday, as investors closely monitored the potential for a new coronavirus stimulus package.
Source: CNBC - 🏆 12. / 72 Read more »
U.S. economic recovery slow and modest, but some sectors struggling: Fed surveyThe U.S. economy continued to recover at a slight to modest pace through early October as consumers bought homes and increased spending, but the picture varied greatly from sector to sector, the Federal Reserve said on Wednesday. Let me guess....struggling sectors are a direct result of government-imposed restrictions?
Source: Reuters - 🏆 2. / 97 Read more »
Stocks Fail To Nab Gains, Dow Flat, As Fed Governor Says Targeted Stimulus 'Needed' For 'Inclusive' Economic RecoveryI'm a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC's Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponcianoforbes.com. They're not only useless NigeriaGov They're the demons and killers of our dreams. We must not let them silent our voice now. Our voices must be heard! Theymessedwiththewronggeneration Buharimustresign Endsars Endswat Revolution WE BEING KILLED BY OUR GOVERNMENT IN NIGERIA! WE NEED ALL THE HELP WE CAN GET WITH RAISING AWARENESS! GOD BLESS YOU! LekkiGenocide EndSARS EndPoliceBrutalityinNigera EndBadGoveranceInNigeria This is not by chance. Why 13?
Source: Forbes - 🏆 394. / 53 Read more »
A Biden win and a 'blue wave' outcome could mean the Fed hikes rates sooner than expected, a Morgan Stanley portfolio manager says | Markets Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »
Pandemic speeds labour shift from humans to robots, WEF survey findsRobots will destroy 85 million jobs at mid-sized to large businesses over the next five years as the COVID-19 pandemic accelerates changes in the workplace likely to exaggerate inequalities, a World Economic Forum (WEF) study has found.
Source: Reuters - 🏆 2. / 97 Read more »