US outlook highly uncertain, businesses 'pessimistic': Fed

The Fed's beige book survey of economic conditions showed US economic activity continued to fall sharply in recent weeks in all regions, with auto sales falling sharply and tenants unable to pay rent

After weeks of economic shutdowns, the outlook for a rebound remains "highly uncertain" and businesses nationwide are gloomy about how quickly things can return to normal, the Federal Reserve said Wednesday.

The Fed's beige book survey of economic conditions showed US economic activity continued to fall sharply in recent weeks in all regions, with auto sales falling sharply and tenants unable to pay rent.

"Although many contacts expressed hope that overall activity would pick-up as businesses reopened, the outlook remained highly uncertain and most contacts were pessimistic about the potential pace of recovery," the Fed said.

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