“Due to the COVID-19 pandemic, economic activity in all regions of the United States has sharply and suddenly decreased,” the Fed website said.
It is noted that the greatest damage due to measures of social distance and forced suspension of work was done in the areas of leisure, hotel business and retail, except for the sale of essential goods.
Earlier, Jerome Powell, the chairman of the US Federal Reserve System, admitted the possibility of a recession in the American economy due to the coronavirus infection COVID-19.