Modest Growth to End 2020

The U.S. economy grew “modestly” in the final weeks of 202, a Federal Reserve report said Wednesday (Wall Street Journal)

According to Wednesday’s report, parts of the country saw declines in retail sales and in demand for hospitality and leisure services—the industries hardest-hit by the pandemic….Other sectors, such as manufacturing and residential real estate, remained generally strong. Even in the most-affected industries, some firms that adapted quickly were able to mitigate the damage: One clothing retailer in New England reported a 5% year-over-year increase in November revenue, as online sales more than offset a 30% decline in store traffic.