Federal Reserve Chair: Economic recovery from COVID-19 will be long

Federal Reserve Chairman Jerome Powell says this is a crisis the United States has never seen before.

News 12 Staff

Apr 30, 2020, 10:02 AM

Updated 1,534 days ago

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Covid-19 isn't just a health crisis, it has also become a crisis for businesses.
The pulse of the United States economy is faint and it will be awhile before it recovers.
Federal Reserve Chairman Jerome Powell says this is a crisis the United States has never seen before.
"Next week's jobs report is expected to show that the unemployment rate which was at 50-year lows just two months ago has surged to the double digits," says Powell.
The recovery process is expected to be gradual, but President Donald Trump is optimistic.
"I think next year is going to be an incredible year for our economy. I think the fourth quarter is going to be really, really good," says President Trump.
In the meantime, businesses struggle to stay afloat.
"We went from a full restaurant of 120-seat capacity to maybe two or three people trickling in," says business owner Gocha Hawkins.
However, officials say to look forward to an economic rebound.
"When the spread of the virus is under control, businesses will reopen and people will come back to work. We will continue to use our tools to assure that the recovery when it comes will be as robust as possible,” says Powell.
Powell noted that unemployment rose much higher for minorities than it did for white Americans.
 


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