Washington, December 1 Chairman Powell, chairman of the U.S. Federal Reserve Board, said on December 1 that the U.S. economy continued to recover but the pace of improvement has slowed down, and the economic outlook is facing great uncertainty.
Speaking at the hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs on the same day, Powell said that U.S. economic activity continued to recover from the downturn in the second quarter, but the pace of economic improvement has slowed down in recent months, industries such as tourism and hotels have continued to weaken, and the economic outlook is facing great uncertainty.
Powell said more than half of the jobs lost in March and April have recovered as more people return to work. But overall, the pace of labor market improvement has slowed down, and millions of Americans are still unemployed, especially for low-income people, women, Africans and Latinos.
Powell believes that the recovery of the U.S. economy will largely depend on the control of the epidemic. As the number of confirmed cases of the novel coronavirus in the United States and abroad rises again, the economic recovery will face challenges in the coming months.
While positive news from vaccine research and development is beneficial to medium-term economic growth, major challenges and uncertainties remain. He said that a full recovery of the U.S. economy will only be possible after people are convinced that a wide range of economic activities can be safely re-entered.