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.

Stein Mart has filed for Chapter 11 bankruptcy after taking a big hit in the wake of the coronavirus pandemic. The 112-year-old discount retailer plans to close most of its nearly 300 stores. In a Wednesday release, CEO Hunt Hawkins said the pandemic and changing consumer habits have caused the company "significant financial distress." Stein Mart is among many retailers impacted when the pandemic forced temporary store closures in many states. The chain is also looking at strategic alternatives, including the sale of its website and intellectual property.