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Beige Federal Book Shows Marked Economic Downturn: Live Updates

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Fed survey shows companies don’t expect a quick recovery.

Businesses Painted Major Economic Upheavals on Federal Reserves April survey companies across America, which has cited the term coronavirus dozens of times.

The Fed publishes this anecdotal survey eight times a year, in what is called the Beige Book.

The latest reports show how the virus and the mass quarantines in place to stop its spread have disrupted all aspects of American economic life. Cotton producers could turn to wheat as buyers demand bread and pasta, but retail clothing is slowing, the report said. Vehicle sales in the New York area have dropped to almost zero and companies have cut back on capital spending plans.

Few companies seemed to anticipate a rapid rebound: in Feds Chicago, companies expected the recovery to be underway in a year, and in the San Francisco area, many companies expected further loosening of the labor market in the future, eliminating any earlier increases in pressure on wage and price growth.

A tourism expert in New York noted that almost no one visited the city and that hotel occupancy in New York had dropped from around 72% to 15% in late March, according to the report. Among the service companies, business contacts expressed great uncertainty, despite widespread pessimism.

The Philadelphia area has summed it up as follows: uncertainty is clouding the outlook as businesses wait for the COVID-19 threat to subside.

A French court orders Amazon to limit deliveries to essential products.

As part of the new initiative, announced on April 9, the Fed will buy short-term bonds issued by states or counties with more than two million inhabitants, or cities with more than one million. A number of cities with a large black population fall below this size threshold.

None of the 35 most African-American cities in America meet federal direct assistance criteria, researchers Aaron Klein and Camille Busette wrote in an April 14 article. analysis. For an additional 10% of blacks, the city’s population is 10% less likely to qualify for the Feds program.

This seems unintentional, the researchers note: the central bank has advanced at breakneck speed to deploy economic solutions as the coronavirus epidemic stifles sales tax revenue and affects local economies. But black Americans are disproportionately affected by the coronavirus, and the way lines are drawn could affect whether their communities are funded. States can transfer money to local governments, but politics could be a barrier.

The Fed will assess whether additional measures are needed to support the flow of credit and liquidity to state and local governments, according to recent weeks ad. The program start date, which will purchase up to $ 500 billion worth of titles, has yet to be announced. Brookings researchers suggest the central bank is making adjustments, such as extending to the 50 largest cities.

It’s an easy solution, and if they don’t solve it, it will have unintended consequences, Klein said in an interview.

Shares fell on Wednesday as investors faced a flood of bad news about the economic damage caused by efforts to contain the coronavirus pandemic, including data showing historic drop in retail sales and collapse of factory production.

The S&P 500 fell nearly 3%, before offsetting some losses. Inventories in Europe also fell and Asia had an unfavorable day.

Retirement on Wednesday came the day after the S&P 500 peak. Although still far from a February 19 record, stocks in the United States have risen steadily in recent weeks as investors have begun to focus on the prospect of ” a possible rebound from the economic collapse triggered by the pandemic.

But on Wednesday, they were faced with a number of reports that underscore how bad the economy is. Department of Commerce said retail sales in March fell 8.7 percent were forced to stay at home, and the Federal Reserve said industrial and manufacturing production in the United States had fallen the most since 1946.

The German Ministry of the Economy said economic production in Europe’s largest economy is expected to plunge by almost 10% from April to June.

When their results were released, countries’ banks also issued more warnings about the possibility of a wave of loan defaults, saying they were storing cash for losses. Citigroup and Bank of America shares fell after these reports.

American retailers suffered a record drop in sales last month.

U.S. banks announced their quarterly results on Wednesday, saying they will withdraw money to prepare for a wave of consumer and business defaults in the coming months.

The Treasury is deploying a portal to help Americans access their relief payments.

The Treasury Department opened for free Get the My Payment mobile app and web portal Wednesday which allows Americans to submit their bank information to receive their economic relief payments via direct deposit and track the status of these payments.

To access the system, taxpayers must provide their social security number, date of birth and mailing address. The Treasury created the portal to send stimulus money to people faster than it could by sending paper checks.

We are pleased that more than 80 million Americans have already received their economic impact payments by direct deposit in record time, Treasury Secretary Steven Mnuchin said in a statement.

People whose bank information is not registered with the Internal Revenue Service are expected to start receiving paper checks in the coming weeks. There were concerns that this would be delayed as President Trumps had requested that his name appear on the checks, which required a technical change to the processing system.

The Treasury insisted that there will be no delays and that checks will start being sent out later this week before the scheduled date.

What does the President trump the opening of the National Council?

For days, President Trump suggested convening a group of business leaders to advise him on reopening the economy. Some executives would be reluctant to be associated with the president’s actions on such an important decision.

Tuesday the president read a long list of names at a press conference and later the White House released details of 17 Major industrial groups in the American economic recovery comprising more than 200 frames.

It is unclear how these leaders will be involved in helping the White House, and someone on the list told The New York Times that no request had been made to join the group and that he there was no notice of the announcement.

Trump was scheduled to speak to all industry groups on Wednesday during scheduled phone calls throughout the day.

On the list are CEOs like Jeff Bezos from Amazon, Tim Cook of Apple, Jamie Dimon from JPMorgan Chase and Mark Zuckerberg from Facebook.

Catch up: Here’s what’s going on.

  • The retailer Best buy said that it would employ 51,000 hourly store workers, including almost all of its part-time staff, as of Sunday. The company, which has a total of 125,000 employees, said it would keep most of its full-time staff in stores and in the field, but added that some of the company’s employees were on voluntary leave and salary cuts.

  • The International Monetary Fund projected that the world economy would contract by 3% in 2020. It would be its worst slowdown since the Great Depression and an extraordinary reversal from the start of this year, when the fund forecasted that the world economy would exceed 2019 and grow by 3 , 3%.

The reports were provided by Matt Phillips, Ana Swanson, Jeanna Smialek, Sapna Maheshwari, Ben Casselman, Mary Williams Walsh, Liz Alderman, Stanley Reed, Jason Karaian, Joe Gose, Erin Griffith, Vindu Goel, Alan Rappeport, Niraj Chokshi, Amie Tsang, Carlos Tejada and Mike Ives.

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