New York area business activity fell to the lowest levels on record in early April.
A recent analysis from the Federal Reserve Bank of New York highlighted the turmoil the coronavirus pandemic has wrought on New York and the US as a whole.
New York Fed president John Williams said Friday that some early second-quarter data that's coming in is "horrible." Two indicators of business activity in the New York area fell to the lowest levels on record as the pandemic rages on.
According to Business Insider, Williams had a gloomy economic prognosis for the future.
I don't see the economy being back to full strength by the end of the year.
It's going to take us longer to get us back to where we want to be.
John William New York Federal Reserve
