The World

The World: Coronavirus surge slowing U.S. economic recovery – Fed chief

Last updated on September 11th, 2021 at 02:36 pm

The surge in U.S. coronavirus cases is commencing to weigh on economic activity, the head of the Federal Reserve stated on Wednesday, and he promised the U.S. central bank would “do what we can, and for as long as it takes,” to restriction harm and boost growth.

“It appears like the data are pointing to a slowing in the pace of the recovery,” Fed Chair Jerome Powell said at a information conference, pointing to an obvious pullback through customers and a slowdown in the rehiring of furloughed workers, particularly by small businesses.

Since the Fed’s final policy assembly in June, the epidemic has intensified, with an common of around 65,000 new cases detected each day, about three instances the pace of mid-June.

Job growth, which had been suddenly strong in May and June, now appears to be slowing and customer self belief has taken a hit.

Government aid that saved tens of millions of unemployed Americans spending will drop sharply at the quit of this week unless Congress has the same opinion on a new comfort package, with Republicans and Democrats so some distance not able to bridge their differences.

Small businesses, a mainstay of the U.S. economy, are more and more dealing with a breaking point as government can provide run dry and repayments come due.

(Metro)

Albert Echetah

Recent Posts

Pastef party led by Ousmane Sonko wins historic election victory

Senegal's ruling Pastef party has won a resounding victory in the legislative elections, taking130 of the 165 seats in parliament,…

November 22, 2024

Famine Risk Reaches Critical Levels as FoodCrisis Deepens In Gaza

Gaza’s hunger crisis is not only statistic, but a set of narratives such as Yasmin Eid, amother of six, who…

November 22, 2024

Kenya Launches Official Probe intoUgandan Leader’s Alleged Kidnapping

The government of Kenya announced that it is looking into the suspected kidnapping ofKizza Besigye, a well-known opposition politician from…

November 22, 2024

At least 7 members of the Nigerian security forces are missing after insurgentsambushed their convoy

A team of 80 security agents tasked with protecting the electricity grid was ambushed onMonday in Shiroro, Niger State, by…

November 21, 2024

Cryptocurrency Gains Momentum inAfrica Amid Global Shifts in Trump’sElection

Cryptocurrency becomes the new thing in Africa. People shift for stable alternatives aftertheir unstable local currencies. Many people believe Donald…

November 21, 2024

UAE Delivers Lifeline: 30,000 Food BasketsBring Hope to Sudanese Refugees in Uganda

UAE has also distributed 30,000 food baskets to Sudanese refugees in Kiryandongo refugeecamp Uganda to benefit nearly 100,000 affected people.Aid…

November 21, 2024

This website uses cookies.