Fed warns of worsening economy as virus savages retail, factories

Washington (AFP) – The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief Wednesday with new government data and a report from the Federal Reserve warning the bloodletting would continue.Lockdowns necessitated by the pandemic caused economic activity to contract “sharply and abruptly,” the Fed report said, and most businesses surveyed across the country expected “conditions to worsen in the next several months.”The warnings in the central bank’s “beige book” came after the Fed and Commerce Department earlier in the day released monthly surveys …

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