The Beige Book is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector.

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Job losses and likely layoffs related to the COVID-19 pandemic will put many New England residents at risk of not being able to pay their mortgage or rent and needing financial assistance and state-government safeguards to remain in their homes. Economic interventions from Congress, primarily through the federal CARES Act, include direct payments to households and increased unemployment insurance benefits that are expected to provide vital support to many of these households for the next three to four months. Even with these efforts, 2 to 3 percent of New England homeowners and 9 to 13 percent of New England renters may be unable to make their housing payments. Many states have temporarily halted evictions, foreclosures, or both to protect people from losing their homes, at least in the short term. However, once the economy begins to recover, these households will remain responsible for their unpaid rents and mortgages. This report’s findings represent the immediate, three-...

Early child care plays a critical role for parental employment. Yet formal care is largely unaffordable and inflexible to parents’ needs, with variable—and at times concerning— quality. In a mostly private market, it is extremely difficult for providers of early child care to offer care that is at the same time affordable, high quality, and available for parents’ diverse needs. As a result, parents may struggle just to access care that they need to work, perhaps paying more than they can afford and/or not obtaining care that is of high quality; trade-offs like these may carry negative implications for their children, employment, and income.

To better understand whether and how the “need for change” is perceived among child care stakeholders in New England, the Federal Reserve Bank of Boston conducted an online exploratory survey between December 2018 and March 2019 with 664 individuals in New England, targeting those who identified as child care stakeholders:...

Takeaway: The absolutely necessary response to the COVID-19 pandemic – social distancing, aimed at protecting lives – comes at a high economic cost. The recent employment report underscores the unprecedented speed and ferocity with which jobs have been affected by this public health crisis. Excerpt: “I expect that the unemployment rate will likely peak at close to 20 percent. Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels. This outlook is both sobering and a call to action. Now is the time for both monetary and fiscal policy to act boldly to minimize the economic pain from the pandemic.” Takeaway: It is important that our progress to date not be undone, and simply allowing business to reopen is not a panacea. Our economic challenges are rooted in public health concerns. If consumers are not comfortable visiting restaurants and shops, relaxing restrictions may do little to bring back business and jobs. Excerpt:...

Job losses and likely layoffs related to the COVID-19 pandemic will put many New England residents at risk of not being able to pay their mortgage or rent and needing financial assistance and state-government safeguards to remain in their homes. Economic interventions from Congress, primarily through the federal CARES Act, include direct payments to households and increased unemployment insurance benefits that are expected to provide vital support to many of these households for the next three to four months. Even with these efforts, 2 to 3 percent of New England homeowners and 9 to 13 percent of New England renters may be unable to make their housing payments. Many states have temporarily halted evictions, foreclosures, or both to protect people from losing their homes, at least in the short term. However, once the economy begins to recover, these households will remain responsible for their unpaid rents and mortgages. This report’s findings represent the immediate, three-...

Early child care plays a critical role for parental employment. Yet formal care is largely unaffordable and inflexible to parents’ needs, with variable—and at times concerning— quality. In a mostly private market, it is extremely difficult for providers of early child care to offer care that is at the same time affordable, high quality, and available for parents’ diverse needs. As a result, parents may struggle just to access care that they need to work, perhaps paying more than they can afford and/or not obtaining care that is of high quality; trade-offs like these may carry negative implications for their children, employment, and income.

To better understand whether and how the “need for change” is perceived among child care stakeholders in New England, the Federal Reserve Bank of Boston conducted an online exploratory survey between December 2018 and March 2019 with 664 individuals in New England, targeting those who identified as child care stakeholders:...

Early child care plays a critical role for parental employment. Yet formal care is largely unaffordable and inflexible to parents’ needs, with variable—and at times concerning— quality. In a mostly private market, it is extremely difficult for providers of early child care to offer care that is at the same time affordable, high quality, and available for parents’ diverse needs. As a result, parents may struggle just to access care that they need to work, perhaps paying more than they can afford and/or not obtaining care that is of high quality; trade-offs like these may carry negative implications for their children, employment, and income.

To better understand whether and how the “need for change” is perceived among child care stakeholders in New England, the Federal Reserve Bank of Boston conducted an online exploratory survey between December 2018 and March 2019 with 664 individuals in New England, targeting those who identified as child care stakeholders:...

Takeaway: The absolutely necessary response to the COVID-19 pandemic – social distancing, aimed at protecting lives – comes at a high economic cost. The recent employment report underscores the unprecedented speed and ferocity with which jobs have been affected by this public health crisis. Excerpt: “I expect that the unemployment rate will likely peak at close to 20 percent. Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels. This outlook is both sobering and a call to action. Now is the time for both monetary and fiscal policy to act boldly to minimize the economic pain from the pandemic.” Takeaway: It is important that our progress to date not be undone, and simply allowing business to reopen is not a panacea. Our economic challenges are rooted in public health concerns. If consumers are not comfortable visiting restaurants and shops, relaxing restrictions may do little to bring back business and jobs. Excerpt:...

Job losses and likely layoffs related to the COVID-19 pandemic will put many New England residents at risk of not being able to pay their mortgage or rent and needing financial assistance and state-government safeguards to remain in their homes. Economic interventions from Congress, primarily through the federal CARES Act, include direct payments to households and increased unemployment insurance benefits that are expected to provide vital support to many of these households for the next three to four months. Even with these efforts, 2 to 3 percent of New England homeowners and 9 to 13 percent of New England renters may be unable to make their housing payments. Many states have temporarily halted evictions, foreclosures, or both to protect people from losing their homes, at least in the short term. However, once the economy begins to recover, these households will remain responsible for their unpaid rents and mortgages. This report’s findings represent the immediate, three-...

Takeaway: The absolutely necessary response to the COVID-19 pandemic – social distancing, aimed at protecting lives – comes at a high economic cost. The recent employment report underscores the unprecedented speed and ferocity with which jobs have been affected by this public health crisis. Excerpt: “I expect that the unemployment rate will likely peak at close to 20 percent. Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels. This outlook is both sobering and a call to action. Now is the time for both monetary and fiscal policy to act boldly to minimize the economic pain from the pandemic.” Takeaway: It is important that our progress to date not be undone, and simply allowing business to reopen is not a panacea. Our economic challenges are rooted in public health concerns. If consumers are not comfortable visiting restaurants and shops, relaxing restrictions may do little to bring back business and jobs. Excerpt:...