Kovid-19 concern reflected in Fed’s Beige Book

The US Federal Reserve (Fed) reported that economic activity in the country has increased at a moderate level, but there are indications that the new type of coronavirus (Kovid-19) outbreak has adversely affected the tourism industry.

The Fed published the February 2020 issue of the “Beige Book” report, which takes the pulse of the American business world and includes assessments of the current economic situation.

The report, prepared with analysis from 12 branches of the bank, reported that economic activities increased moderately across the country.

Supply chain delays reported from Kovid-19

The report pointed out that consumer spending increased overall but growth was not balanced across the country.

In the report, which emphasized that the growth in the tourism sector remained horizontal, there are indications that the coronavirus affects travel and tourism negatively in the USA. reported that they were afraid. ” statements took place.

In the report, it was noted that Kovid-19 and the upcoming presidential elections are seen as possible risks, therefore a moderate growth in the economic outlook is expected in the short term.

– The issue of how it will affect prices

In the report, which pointed out that employment in the country has also increased at a moderate pace, it was stated that insufficient workforce caused a decrease in growth in many companies and caused delays in construction projects.

In the report, it was determined that employment increased in many sectors and salaries increased at a moderate level.

In addition, the report reported that some firms, especially in the manufacturing sector, are optimistic that the First Phase Economy and Trade Agreement between the USA and China will lower their product prices, but concern about how Kovid-19 will affect prices.

In the report, which indicated that oil and gas prices have fallen across the country, it is stated that this situation is mainly based on the weakening of demand from China due to Kovid-19.

The analysis in the Beige Book is used by the Federal Open Market Committee (FOMC), which sets the Fed’s monetary policies. FOMC’s next meeting is scheduled to take place in Washington on March 17-18.

AA