Tenth District Services Activity Expanded Again
The Federal Reserve Bank of Kansas City released the August Services Survey. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District services activity expanded again in August, but was still much lower than a year ago, while expectations for future activity rebounded.
“In August, services activity continued to grow, but also lagged year-ago levels considerably,” said Wilkerson. “Nearly 75% of firms said government programs had positively affected their business over the past 3 months, but a majority of businesses also reported challenges rehiring furloughed or laid-off employees due to the extra CARES Act unemployment benefits.”
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