Fed’s Beige Book Says Economic Activity Contracted Sharply, Abruptly

U.S. economic activity contracted sharply and abruptly across all regions as a result of the COVID-19 pandemic, the Federal Reserve's Beige Book said on Wednesday. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, noted the hardest hit industries included leisure and hospitality and retail due to social distancing measures and mandated closureOriginal Article