U.S. economy has lost momentum over the past 2 months, only 3 of 12 districts report growth. More than 20 US state economies are now in, or near, a recession. Junk bonds break 4-month downtrend.

U.S. economy has lost momentum over the past 2 months, Fed’s beige book finds

Only three of 12 districts report growth

Consumer spending inched down in recent weeks, the Fed’s survey found.

Reports from across the U.S. indicate sluggish economic conditions across much of the country, with only three of the Federal Reserve’s 12 district banks reporting expanding activity in their regions, according to the Fed’s new “beige book” survey.

The remaining nine districts reported either flat or contracting economic activity.

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