(Bloomberg) -- The U.S. economic recovery remained moderate across much of the country, and showed signs of a slowdown in areas where virus cases are particularly high, according to a new report from the Federal Reserve.
“Most Federal Reserve Districts have characterized economic expansion as modest or moderate,” the central bank said in its Beige Book survey released Wednesday in Washington.
The report was based on information collected by the Fed’s 12 regional banks through Nov. 20.
“Four Districts described little or no growth, and five narratives noted that activity remained below pre-pandemic levels for at least some sectors,” the Beige Book said.
The number of coronavirus cases in the U.S. has increased sharply since the end of October. The surge is leading some cities and states to again implement lock down measures. The arrival of colder winter weather in much of the country is also dampening economic activity, as virus-compatible activities like dining outdoors become impossible.
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