FED SURVEY FINDS MODEST ECONOMIC GROWTH

The latest Federal Reserve survey of U.S. economic activity found generally modest gains in August but also pessimism about the future given the threats posed by the coronavirus.

The Fed report made public Wednesday said that a theme echoed across the country is the lingering uncertainty stemming from the pandemic and its negative effect on consumer and business activity.

The report, based on responses gathered before Aug. 24, found that economic activity had increased modestly from late July but remained well below levels seen before the pandemic hit in March.

The coronavirus outbreak has pushed the country into a deep recession and resulted in millions of people losing their jobs and thousands of businesses struggling to survive. This despite the Fed and Congress providing massive amounts of economic support.