Home » Economy » US economic growth slowed this summer as delta variant hampered demand, Fed's Beige Books says
US economic growth slowed this summer as delta variant hampered demand, Fed's Beige Books says
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The Leuthold Group chief investment strategist Jim Paulsen, Ladenburg Thalmann Asset Management CEO Phil Blancato and Kaltbaum Capital Management President Gary Kaltbaum on the Federal Reserve and economic and market trends.
U.S. economic growth slowed over the summer as a surge in COVID-19 cases driven by the highly contagious delta variant forced consumers to pull back on spending, according to a new Federal Reserve report.
In its region-by-region roundup of anecdotal information known as the Beige Book, the Fed reported that growth overall had "downshifted slightly to a moderate pace" during the July through August period that the report covers.
"The deceleration in economic activity was largely attributable to a pullback in dining out, travel, and tourism in most Districts, reflecting safety concerns due to the rise of the delta variant," the Fed said.