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According to the US Federal Reserve's Beige Book, the US economy has been expanding at a slower pace for some time. The employment level is mostly negative in almost all twelve federal states. There is no need to be an economic guru to understand that such a grim picture is due to the coronavirus pandemic and lockdowns across the country.
From conversations with representatives of the business community, the Fed has made some conclusions about what is happening in the country's economy during the crisis. Interestingly enough, the pandemic consequences are rather different in every state. For instance, there are industries that have been more severely affected by the pandemic than the others. Besides, the optimism in the market fueled by hopes for a quicker economic recovery thanks to mass vaccination has waned. Not long ago the states reported a resurge in the new coronavirus cases.
Nevertheless, the business sector cannot completely abandon hopes for a quick economic recovery amid mass vaccination as these hopes boost morale among American entrepreneurs at the beginning of the year. Although quarantine restrictions are still weighing on the economy, slowing down its recovery.
For the first time in seven months, the Fed's Beige Book report has pointed out that economic activity in some districts of the country has contracted considerably.
While most of the states are quite successfully dealing with the consequences of the pandemic, New York and Philadelphia reported weak business activity. In Cleveland, there was also a drop in economic growth amid new outbreaks of infection.
However, for the time being, most of the districts are getting back on track. The employment level is increasing, albeit quite moderately.
Currently, people mostly find a job in construction, manufacturing and transport sectors. At the same time, the biggest unemployment is seen in the hotel industry as quarantine measures have not been eased. On the contrary, they have been tightened recently.
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