ECONOMIC DIGEST
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- ECONOMIC DIGEST
The US is rushing into economic recovery but still faces several risks on its way to pre-pandemic highs, Federal Reserve Chairman Jerome Powell said. Economic indicators tracking unemployment, consumer spending and manufacturing have largely swung higher in recent months as states reopen and activity resumes. The optimistic signals foreshadow a V-shaped rebound desired by investors, but the central bank chair emphasized that a full recovery hinges on curbing the coronavirus' spread. "We have entered an important new phase and have done so sooner than expected," Powell said in a statement set for Tuesday testimony before the House financial Services Committee. "While this bounceback in economic activity is welcome, it also presents new challenges — notably, the need to keep the virus in check”.
The US is rushing into economic recovery but still faces several risks on its way to pre-pandemic highs, Federal Reserve Chairman Jerome Powell said. Economic indicators tracking unemployment, consumer spending and manufacturing have largely swung higher in recent months as states reopen and activity resumes. The optimistic signals foreshadow a V-shaped rebound desired by investors, but the central bank chair emphasized that a full recovery hinges on curbing the coronavirus' spread. "We have entered an important new phase and have done so sooner than expected," Powell said in a statement set for Tuesday testimony before the House financial Services Committee. "While this bounceback in economic activity is welcome, it also presents new challenges — notably, the need to keep the virus in check”.
The US is rushing into economic recovery but still faces several risks on its way to pre-pandemic highs, Federal Reserve Chairman Jerome Powell said. Economic indicators tracking unemployment, consumer spending and manufacturing have largely swung higher in recent months as states reopen and activity resumes. The optimistic signals foreshadow a V-shaped rebound desired by investors, but the central bank chair emphasized that a full recovery hinges on curbing the coronavirus' spread. "We have entered an important new phase and have done so sooner than expected," Powell said in a statement set for Tuesday testimony before the House financial Services Committee. "While this bounceback in economic activity is welcome, it also presents new challenges — notably, the need to keep the virus in check”.