Powell says economy recovering but Fed support still needed
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WASHINGTON — Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected, but the central bank does not intend to let up in its support efforts.
In congressional testimony released Monday, Powell said that even though the recovery appears to be strengthening, there are still many pockets of weakness in the U.S. economy.
“The sectors of the economy most adversely affected by the resurgence of the virus and by greater social distancing remain weak,” he said in his remarks prepared for an oversight hearing of the House Financial Services Committee on Tuesday.
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“The recovery is far from complete, so, at the Fed, we will continue to provide the economy the support it needs for as long as it takes," Powell said.
Powell noted that the unemployment rate is still elevated at 6.2%, a statistic that does not fully reflect the number of jobless Americans who have given up and dropped out of the labor force.
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