Main Street is struggling

The Federal Reserve System surveys government agencies, nonprofits, financial institutions and other organizations serving low- to moderate-income (LMI) communities. The purpose of these surveys is to gain insights into the financial well-being of clients they serve. In the latest Perspectives from Main Street report:

• Organizations surveyed in October said COVID-19’s impact on a range of issues — from employment and education to basic consumer needs and health — had become modestly or significantly worse since August.
• 64% of organizations indicated demand for their services had increased since August; over 37% noted a corresponding decrease in their ability to provide services; and 53% said their expenses had continued to increase, with little sign of increases in funding.
• Over half of respondents indicated they expect it will take longer than a year for economic conditions in their communities to return to pre-pandemic levels.

The Fed works to foster economically resilient communities. Gathering actionable information is especially important during this unprecedented time.