U.S. companies reeling from coronavirus fallout, Fed survey shows

FILE PHOTO: Vacant room lights form a heart on the Hyatt at Olive 8 hotel, where normal operations are suspended due to the coronavirus disease according to their website, as efforts continue to help slow the spread of COVID-19 in Seattle, Washington, U.S. March 30, 2020. REUTERS/Jason Redmond/File Photo

The Fed’s survey was completed mostly in March but included some of the first week of April. During that time, the United States went from worrying about the risks posed by the virus to most of the country being under some form of stay-at-home order and millions losing their jobs at breakneck speed. The central bank has taken unprecedented action since early March to try and keep credit flowing to businesses and households by shoring up liquidity in financial markets. It has launched numerous crisis-fighting programs, slashed interest rates to near zero and is resuming large-scale asset purchases.

“No sector was spared,” the Philadelphia Fed said. “Rapidly rising joblessness has not made hiring easier, as contagion fears and child care needs keep workers at home. Prices tend to be falling, but the wage path is muddled, and firm outlooks are clouded by uncertainty.” The increasing pain felt by U.S. firms is being closely watched by Fed policymakers and economists as they try to forecast how quick the economic rebound will be once social distancing controls are lifted and businesses can reopen.

Reeling, rolling, rocking, quaking, shaking, teetering, slipping, stumbling, praying, crumbling, salvaging, crying, and still in shock from the fall out of a slow, inept start to handling it. VoteBlue2020 realDonaldTrump

If it was lockdown USA before a month, then USA not to loss too many lives.

U.S. Human Beings reeling from Coronavirus fallout and we don't need the Fed to tell us this

Thank you Captain Obvious. Yet the Democrats keep playing politics and will not fund help for them and American workers who need support. They are putting their socialist agenda and political games before people who elected them.

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