Federal Reserve Beige Book: slow and moderate recovery of the US economy some industries are still in trouble

SMM: the Federal Reserve released a beige book in New York on October 21, saying that as consumers buy homes and spend more, the US economy continued to recover slightly to moderately in early October, but the situation varies greatly from industry to industry. The Fed conducted the survey in its 12 Fed regions from September to October 9.

The US economy continued to recover slightly to moderately in early October as consumers bought and spent more, but the situation varied widely across sectors, according to a beige book released by the Federal Reserve in New York on Wednesday (October 21). The Fed conducted the survey in its 12 Fed regions from September to October 9.

According to the Fed's beige book, the overall outlook depicted by regional corporate contacts is either optimistic or positive, but there is a considerable degree of uncertainty.

New cases in the United States rose again after a decline from late July to early September. According to the analysis, 34 of the 50 states reported an increase in new cases for at least two consecutive weeks, compared with 29 reported the previous week.

The cold weather may cause more consumers to choose to spend indoors, which may lead to more cases. Restaurants and other stores that benefit from outdoor dining and service in the summer months may also face another setback if passenger traffic declines.

House Speaker Pelosi, a Democrat, reiterated on Wednesday that she was "optimistic" that Congress could finalize a new bailout plan to help struggling families and businesses before the November 3 election, but it was doubtful whether Republicans would agree to the plan.

Fed policy makers pledged at the September meeting to keep interest rates near zero until inflation is on track above the Fed's 2 per cent target for some time and the labour market is closer to full employment. Fed officials will hold a policy meeting shortly after the presidential election, which will end on November 5.