US companies hit hard by coronavirus – Fed beige book

US, WASHINGTON (ORDO NEWS) — US companies have been hit hard by the effects of the coronavirus outbreak, and economic activity has been declining at an unprecedented rate in the past few weeks, the Federal Reserve said on Wednesday.

Economic activity “sharply and suddenly declined in all regions,” the Fed said in a Beige Book, a report on the state of the economy based on conversations with industry and business representatives across the country.

“The most affected industries — due to social distance and forced closure measures — were leisure and hospitality, as well as retail, excluding essential goods,” the Fed said in a report.

“All districts reported extremely uncertain prospects for business contacts, with most of them expecting conditions to worsen over the next few months.”

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