Economics
Fed Catalogs Devastation Wrought by Pandemic on U.S. Economy
- Slowdown drives wages up for some workers, down for others
- Businesses pessimistic about potential pace for recovery
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The coronavirus deeply damaged the U.S. economy in recent weeks, with “steep” job losses and business closures, a new Federal Reserve report said.
“Economic activity declined in all districts – falling sharply in most – reflecting disruptions associated with the COVID-19 pandemic,” the central bank said in its Beige Book survey released Wednesday in Washington.