September 2, 2020

US growth, job gains slowing, Fed reports

Washington (AFP) – Economic growth and job gains continued in most of the United States but the pace has slowed in many areas while spending remains far below pre-pandemic levels, the Federal Reserve said Wednesday.The Fed’s beige book survey of economic conditions highlighted “rising instances of furloughed workers being laid off permanently as demand remained soft,” especially in the hard-hit services industries.As monetary policymakers prepare for their next meeting later this month, the report shows the economy has not seen the sharp bounceback some had predicted, and which President Donal…


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