U.S. economic activity contracted sharply and abruptly across all regions as a result of the COVID-19 pandemic, the Federal Reserve's Beige Book said on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, noted the hardest hit industries included leisure and hospitality and retail due to social distancing measures and mandated closures.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.