The latest Federal Reserve survey of U.S. economic activity found generally modest gains in August but also pessimism about the future given the threats posed by the coronavirus. (AP Photo/Rick Bowmer)WASHINGTON The latest Federal Reserve survey of U.S. economic activity found generally modest gains in August but also pessimism about the future given the threats posed by the coronavirus. The Fed report made public Wednesday said that a theme echoed across the country is the lingering uncertainty stemming from the pandemic and its negative effect on consumer and business activity. This despite the Fed and Congress providing massive amounts of economic support. The Fed report said that consumer spending, which accounts for 70% of economic activity, had increased, pushed higher by strong auto sales and some improvements in tourism and retail sales.

ST. PETERSBURG, Fla. National discount department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business, and announced that it will close most, if not all, of its 280 stores. The Company lacks sufficient liquidity to continue operating in the ordinary course of business.Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares at discount prices. Hawkins said Stein Mart will continue to operate normally in the near term, and is evaluating the potential sale of its eCommerce business. Please know that this was an extremely difficult decision, and is deeply disappointing for all of us at Stein Mart," Hawkins said in a written statement. Last year, 23 retailers filed for Chapter 11.