Beige Book report says US manufacturing activity expanded up to February 24, but companies view coronavirus and the US presidential election as potential risks
The US economy expanded at a modest to moderate rate in the first weeks of the year, according to a Federal Reserve survey taken just as the virus outbreak was beginning to affect some businesses and unnerve financial markets.
The Beige Book report said manufacturing activity expanded, but “some supply chain delays were reported as a result of the coronavirus, and several districts said that producers feared further disruptions in the coming weeks”. Employment grew “at a slight to moderate pace”, with hiring constrained by a tight labour market. Selling prices rose modestly.
The report was released a day after the Fed slashed interest rates by 50 basis points in its first emergency cut since the 2008 financial crisis to guard against the affect of the virus.Contacts in the Chicago region said the virus outbreak “has had little effect to date”, while those in Philadelphia and Dallas said that it had introduced new uncertainty. Richmond reported several ports saw an increase in “blank sailings”, or shippers cancelling ports of call, “particularly from China”.
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