Comments in the Fed's Beige Book:
- Hardest hit industries were leisure and hospitality, and retail aside from essential goods
- Most Districts reported declines in manufacturing
- All Districts reported highly uncertain outlooks among business contacts, with most expecting conditions to worsen in the next several months
- Employment declined in all Districts, steeply in many cases
- Many Districts said severe job cuts were widespread, including the manufacturing and energy sectors
- Full report
This is a terrible report but it doesn't tell us anything we don't know.
