Federal Reserve chair: COVID-19 is still crushing the economy

The U.S. continues to deal with massive unemployment with no guarantee a stimulus package will come any time soon.

News 12 Staff

Nov 6, 2020, 11:43 AM

Updated 1,299 days ago

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As Americans wait to see who will win the White House, the U.S. economy is still struggling because of the COVID-19 pandemic.
The U.S. continues to deal with massive unemployment with no guarantee a stimulus package will come any time soon.
However, the U.S. economy is showing some signs of recovering from a rough second quarter.
"The housing sector has fully recovered from the downturn, supported in part by low mortgage interest rates. Business investment has also picked up," says Jerome Powell, the Federal Reserve Chair. But Powell says COVID-19 is still crushing the economy.
“Overall economic activity remains well below its level before pandemic and the path ahead remains highly uncertain," says Powell. Roughly 751,000 Americans claimed first-time jobless benefits last week, according to the Labor Department.
Powell says a stimulus package would benefit the country, especially those who have lost their jobs due to COVID-19.
“I think we'll have a stronger recovery if we can just get at least some more fiscal support when it's appropriate, you know, when it's appropriate and in the size Congress thinks it's appropriate. I do think that will be likely,” says Powell.
But Americans will have to wait. Stimulus talks between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are at a stalemate, but Senate Majority Leader Mitch McConnell says a stimulus bill might be considered before 2021.
According to Exit Polls, the economy and the COVID-19 pandemic were top issues for voters.  


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