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Business & Finance

US economic activity increased, outlook 'highly uncertain': Fed

  • Businesses began to reopen, and retail sales improved across the country, but there were some new layoffs and employment, too, is far below where it was before COVID-19 struck, the report said.
Published July 15, 2020

WASHINGTON: The US economy showed signs of life nationwide last month, but has not returned to its pre-pandemic level and the outlook remains "highly uncertain," the Federal Reserve said Wednesday.

"Economic activity increased in almost all districts, but remained well below where it was prior to the COVID-19 pandemic," the Fed said in its "beige book" survey.

Businesses began to reopen, and retail sales improved across the country, but there were some new layoffs and employment, too, is far below where it was before COVID-19 struck, the report said.

"Outlooks remained highly uncertain, as contacts grappled with how long the COVID-19 pandemic would continue and the magnitude of its economic implications."

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