Economic activity 'contracted sharply and abruptly' in US on Covid-19: Fed

US retail sales plummeted 8.7% in March, an unprecedented decline, as the outbreak brought most commerce to a halt

Amid the global coronavirus pandemic that took a toll on economies across the world, the US too have witnessed a 'sharp and abrupt contration' in economy across all regions of the country.

"The hardest-hit industries - because of social distancing measures and mandated closures - were leisure and hospitality, and retail aside from essential goods," the Federal Reserve said in its latest survey on economic conditions, known as the Beige Book, based on information collected from its 12 regional reserve banks before April 6. These sectors also witnessed most job cuts along with manufacturing and energy sectors.

Sales at stores and restaurants