US recession risks | Authers’ Note
Consumer spending reports are also mixed, according to the US Central Bank
The Fed’s analysis of the US business environment reveals modest economic growth at the start of the year, although some regions of the country are declining due to a new surge in COVID-19.
Most of 12 banking districts reported modest gains in economic activity in recent weeks, the Fed report notes.
However, three counties – New York, Philadelphia and Cleveland – reported a decrease in activity..
Two counties, St. Louis and Kansas City, reported that activity generally has not changed since the last Fed meeting in mid-December..
Fed Says Consumer Spending Reports, which account for 70 percent of economic activity, were mixed.
Some counties reported declining retail sales and demand for hospitality and leisure services as local authorities tightened restrictions in an attempt to contain the spread of the virus..
“While the outlook for COVID-19 vaccines has bolstered business optimism for growth in 2021, it is constrained by concerns about the recent increased activity of the virus and its implications for the business environment in the short term,” the Fed said..
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