Economy Saw Modest Growth in Late 2020, Fed Report Says
By Paul Kiernan
WASHINGTON -- The U.S. economy grew modestly in the final weeks
of 2020, as a resurgence in Covid-19 cases prompted business in
some sectors to slow, a Federal Reserve report said Wednesday.
The Fed's periodic compilation of anecdotes from business
contacts, known as the Beige Book, said reports from some parts of
the country indicated declines in retail sales and demand for
hospitality and leisure services. Other sectors, such as
manufacturing and residential real estate, remained strong.
The Fed's characterization of economic conditions represented a
downgrade from its previous Beige Book report, released Dec. 2,
when policy makers had described economic growth as "modest or
moderate." At that time, business contacts had signaled the
possibility of potential slowdown given the surge in Covid-19
infections that was taking place at the time.
Write to Paul Kiernan at email@example.com
(END) Dow Jones Newswires
January 13, 2021 14:40 ET (19:40 GMT)
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