Economy
July 16, 2020
Fed Beige Book: Economic Activity Increases Amidst Uncertain Outlook
Written by Sandy Williams
The July Federal Reserve “Beige Book” showed economic activity increased in almost all Districts, but was far below pre-pandemic levels. Information from Districts collected on or prior to July 6 revealed a pickup in consumer spending as states began lifting COVID-19 restrictions.
Automotive sales led the rebound in consumer activity as well as sustained growth in food and beverage and home improvement sales, said the Federal Reserve. Manufacturing expanded, but from very low levels, and construction remained mostly subdued. Home sales rose moderately, but commercial real estate activity saw little change.
