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Federal Reserve warns of slowing economic recovery in parts of U.S. due to COVID-19 surge Updated: 2020-12-03 10:04:53 KST

The economic recovery in some parts of the U.S. began to slow in November, due to the recent surge in COVID-19 infections.
This is according to the Federal Reserve's beige-book report released on Wednesday.
Most of Fed's twelve regional banks said they saw "modest or moderate" growth in recent weeks, but four reported they've witnessed "little or no economic growth".
Five noted that economic activity remained below pre-pandemic levels for some sectors.
The report also said while most districts reported that firms' economic outlook remained positive, the optimism has "waned",.. due to concerns about the pandemic, renewed lockdowns, as well as the termination of unemployment benefits.
In particular, many districts reported that employment was growing more slowly, mainly in the Midwest, where the number of new patients has soared recently.
Amid the concerns, Fed Chairman Jerome Powell, along with U.S. Treasury Secretary Steven Mnuchin, urged Congress to provide more fiscal relief to help businesses and families so they can survive the winter.

"The rise in new COVID-19 cases, both here and abroad, is concerning and could prove challenging in the next few months."

"I do believe we need more fiscal relief and I think there is more work to be done as I said in my testimony. I'd urge Congress to pass something quickly to make sure we get something done in this session."

The beige-book report will be used during Fed's meeting in mid-December to discuss possible changes to U.S. interest-rate policies.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
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