The Daily Times Newspaper

Jerome Powell Warns of the Uncertain Path for U.S. Economy to Fall

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Jerome Powell Warns of the Uncertain Path for U.S. Economy to Fall. It is still highly uncertain how the U.S. economy will recover from the corona crisis.

 

Jerome Powell, president of the United States’ central bank umbrella Federal Reserve, had that message in a hearing before members of the United States Congress.

Several macroeconomic data indicate some recovery.

Most notable was the unexpected decline in unemployment in May compared to April, although unemployment is still high at 13.3 percent.

Powell acknowledged to U.S. representatives that such indicators could indicate recovery. “But production and employment are still far below pre-pandemic levels,” he added.

In addition, he says it is still highly uncertain how long it will take before the blow of the corona outbreak overcomes the U.S. economy.

“Before people trust that the disease is under control, a full recovery is unlikely.”

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