- Longtime downtown Cape bartender Marcellus Jones remembered by friends (6/12/18)2
- Stormy Daniels to visit East Cape Girardeau (6/13/18)20
- Peter Kinder resigns federal agency post, concludes position unnecessary and waste of tax dollars (6/16/18)1
- Singer Neal Boyd dies after struggle with health issues (6/12/18)1
- Cape man charged with stabbing, killing dog for revenge (6/8/18)9
- Feeding deer in Bollinger, Cape and Perry counties prohibited soon to help curb spread of CWD (6/13/18)7
- Couple charged in beating death at Brick's (6/13/18)
- 'All Nite Skate' filming in Jackson this weekend (6/8/18)
- New Zaxby's restaurant open in Cape (6/13/18)3
- New urban dance studio opens on Broadway (6/15/18)2
Fed finds widespread economic fallout from Sept. 11 attacks
AP Economics WriterWASHINGTON (AP) -- The already ailing U.S. economy has been battered by weak retail sales, canceled manufacturing orders and rising layoffs since the terrorist attacks, the Federal Reserve said Wednesday.
The Fed's new survey of business conditions found that no area of the nation had been spared from the economic jolt caused by the Sept. 11 attacks.
"The softness in consumer spending, manufacturing and construction activity is affecting the labor market, where layoffs and plant closings have been reported in many industries from financial services on the East Coast to media and advertising on the West Coast to auto parts in the central states," the Fed said.
The report, compiled from information gathered by the central bank's 12 regional banks, will be used by the Fed when it meets Nov. 6 to decide what to do about interest rates.
Most economists say the terrorist attacks have pushed the country into a recession and are predicting the central bank, which has already pushed the interest rates it controls to their lowest levels in nearly four decades, will cut rates for a 10th time at the November meeting.