survey of economists, local business contacts and other experts—indicated that even though all 50 states are beginning to take their first steps toward reopening, most businesses are still pessimistic about the pace of economic recovery. “Economic activity declined in all districts – falling sharply in most,” the Fed said.
The central bank reported that health concerns among workers, limited childcare options, and expanded unemployment benefits during the pandemic have made it more difficult to bring employees back to work. last week that the jobless rate will stay above 15% through September , a level not seen since the Great Depression; that rate will eventually fall, but it will take a long time and the annual unemployment rate won’t dip below 10% until 2021.
The Fed also noted that while consumer spending has fallen across the board, the worst declines have come in the leisure and hospitality sectors. Manufacturing and construction activity fell, home sales plummeted, retail tenants missed their commercial rent payments, and agricultural conditions worsened too. . That’s how many Americans have filed for temporary unemployment benefits over the last nine weeks.
They gotta feel it. I am interested in seeing any economic strategy because right now it seems like we're not doing too much besides holding off for this election.
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