The outlook: The U.S. economic downturn caused by the coronavirus pandemic remained in full strength in the middle of May, with activity falling sharply and steep job losses seen, according to the latest survey of economic conditions, known as the Beige Book, released by the Federal Reserve on Wednesday. The report, a summary of a survey of business contacts, found that most were pessimistic about the potential pace of recovery. What happened: Some sectors, like leisure and hospitality continued to be hit hardest by the stay-at-home orders. Factory activity was down sharply and agricultural conditions were ... (full story)