Unemployement will stay excessive in sectors most affected by COVID, Jerome Powell mentioned (File)
Washington:
The underlying US financial system stays stable, however excessive unemployment might persist for years within the sectors most impacted by the coronavirus pandemic, Federal Reserve Chair Jerome Powell mentioned Thursday.
“There’s continues to be a wholesome financial system beneath right here, apart from this space that is been straight affected by COVID,” Powell mentioned in a dialogue as a part of the Jackson Gap central banking convention.
However hundreds of thousands of staff in journey, resorts and eating places have been straight impacted, which implies “a few years of… comparatively excessive unemployment.”
Individuals in these industries are “actually going to wrestle to search out work… We have to assist them.”
(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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