Remember back in April, the month after the global lockdown, how economists predicted a “V-shaped” recovery, and the media was selling the line, “It will come back”?
The economy did not come back. Any semblance of economic normalcy was created by the artificial monetary methadone injections into equity markets and the economy by the Federal Reserve and Washington.
And the Fed knows it.
According to the Federal Reserve’s “beige book” report issued 21 October, the U.S. economy has grown at a “slight to moderate” rate this fall… indicating the economic recovery has slowed.
The recovery also is uneven, with banking, housing, and manufacturing doing well while commercial real estate and consumer spending lag.
For example, Dallas homebuilders have a backlog of work and employees and materials are hard to find. In contrast, the value of storefronts and office buildings is sliding as businesses close and white-collar employees are working from home.
Employment also is uneven, with companies such as airlines laying off workers while others, including many manufacturers, struggle to find qualified employees. Many businesses have hiked wages or offered to pay for child care to lure applicants.
The report found most companies to be “positive or optimistic” about the future, although many feel uncertain, especially about the economic consequences of November’s election, the report said.
TREND FORECAST: As winter sets in, the already suffering travel, hospitality, tourism, restaurant, theater, and event businesses, among others, will sink deeper into depression.
By their numbers, already, they have sunk deep into the “Greatest Depression,” but the mainstream media ignores this reality. Thus, already terrible economic hardships will intensify.
