Fed Economic Report US economic recovery Variability across industries and regions 7:03 on September 3
According to the latest economic report compiled by the Federal Reserve Board, which is the central bank of the United States, the number of orders in the manufacturing industry will increase as economic activity resumes, while the situation remains severe at restaurants and hotels. Recovery varies depending on the industry and region.
On February 2, the Fed released its latest economic report, called the "Beige Book," compiled by twelve regional federal banks across the United States.
According to this, the US economy "is improving in most regions, but the pace of recovery is slow and remains much lower than before the spread of the new coronavirus infection."
On top of that, although new orders are increasing in the manufacturing industry in the Midwest and other areas, the service industry such as restaurants and hotels continues to be in a difficult situation, and it is difficult to increase employment.
In addition, demand for single-family homes in the suburbs has increased due to the penetration of work-from-home in California and other areas, while in Manhattan, New York, the vacancy rate of rental housing has risen and rents have fallen 10% from a year ago. However, the economic recovery varies across industries and regions.
In the presidential election, which is just two months away, one of the major focus is the actual economic situation of voters.