jerome powell coronavirus

He said that some measures of consumer spending based on debit and credit card data have moved down, and that recent labour market indicators point towards a slowdown in job growth, particularly among smaller businesses. Republicans have warned against providing too much money for the unemployed, arguing the cash is a disincentive for people to return to work. Even if the reopening goes well, it will still take a long time for certain parts of the economy that involve “lots of people gathering together in close proximity” to bounce back, Mr Powell warned, citing restaurants, bars, hotels and travel accommodation as examples. “Hotel occupancy rates have flattened out. "For many people, and it's a lot of women, it's winding up being in the home with young children who really should be in school and you would much prefer to be working. Share gift link below with your friends and family. The Dow Jones Industrial Average and the S&P 500 index, which had been up before Trump's tweet, both closed in the red, with the Dow losing 375 points or 1.3% and the S&P down 1.4%. "That would be tragic, especially in light of our country's progress on these issues in the years leading up to the pandemic.". Federal Reserve Chairman Jerome Powell testifies last month during a House Select Subcommittee on the Coronavirus Crisis hearing. You can read this subscriber-only article in full, All done! “Many of the people who were laid off from those industries... can’t go back to their old job. ", He also warned the group that without additional support, the economy could slip into a downward spiral "as weakness feeds on weakness. The US has replaced roughly half of the 22m jobs lost in March and April during the lockdown, and the unemployment rate fell to 7.9% in September, from nearly 15% in April. In contrast a prolonged slowdown could exacerbate existing racial and wealth disparities in the economy, which “would be tragic, especially in light of our country’s progress on these issues in the years leading up to the pandemic”, Powell said. “The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” it added. ", "A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy," Powell said. They’re not in competition with each other,” he said. "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted. 198402868E. But he added that the recovery is far from complete – echoing comments he made to NPR during an interview last month. Unemployment, which peaked at 14.7% in April, fell to 7.9% last month. "The right thing to do and the smart thing to do is to continue to support those people as they return to their old jobs or find new jobs in different sectors of the economy," Powell added. US Correspondent WASHINGTON - America’s economic recovery is showing early signs of stalling as coronavirus cases surge again, said Federal Reserve chairman Jerome Powell on …
Chair Jerome H. Powell. Powell continues to warn the U.S. economy needs more stimulus to recover from the pandemic. In an earlier speech Tuesday, Powell had noted the economy was bouncing back more quickly from the pandemic recession than many forecasters expected. Available for everyone, funded by readers. Last modified on Tue 6 Oct 2020 14.39 EDT. It also vowed to use its full range of tools to support the economic recovery.

The gift link for this subscriber-only article has expired. Earlier, the Federal Open Market Committee announced it would keep interest rates unchanged at 0 to 0.25 per cent indefinitely, until it was “confident that the economy has weathered recent events”. Economic activity had picked up at the beginning of May right through June, as job gains reversed about a third of the job losses from March and April and consumer spending recovered about half of their drop. Powell credited the "extraordinary" relief measures passed early in the pandemic with helping to avoid a deeper recession and setting the stage for a partial rebound.

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