Economy
May 28, 2020
Fed Report Shows Widespread Impact from COVID-19
Written by Sandy Williams
New data from U.S. Federal Reserve Districts shows economic activity declined in all regions of the country in April and May due to disruption caused by the COVID-19 pandemic.
Almost all areas of economic activity were negatively impacted during the period. Most districts reported a severe drop in manufacturing activity with production especially weak in auto, aerospace and energy. Construction slowed as new projects were delayed or canceled. Consumer spending fell sharply as retail establishments closed and travel and tourism was restricted by stay-at-home mandates. Home sales dropped due to fewer listings and showings. Rents went unpaid by commercial tenants and banks reported strong interest in Paycheck Protection Program loans.
