Economic growth, Biden tax, GA votes
Federal Reserve Chairman Jerome Powell said in an interview aired Sunday night that the U.S. economy is at a “turning point” due to widespread vaccinations and strong financial support.
Powell, who appeared on CBS News in ’60 minutes’, says he believes the economy will start to grow ‘much faster’, along with job creation. He warned that the biggest risk to the economy was an emerging COVID-19 outbreak. He said affairs across the country were slowly increasing, which he called “disturbing”.
“It’s going to be smart if people can continue to distance themselves socially and wear masks,” he said.
Overall, Powell showed an optimistic tone. He pointed to forecasters predicting GDP growth of up to 7%, which could be the largest increase in three decades.
Powell noted that about a million jobs were added in March if review of data for jobs in January and February was included. The unemployment rate fell from 6.2% to 6%.
“We would like to see such a number of months,” he said. “It’s definitely within reach.”
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Yet there are about 8.4 million fewer jobs than before the pandemic, and Powell admitted that he regularly sees a homeless camp near the Fed’s headquarters in Washington.
“There is still a lot of suffering there,” he said. “And I think it’s important that we just as a country should stay and help the people. The economy we’re going back to will be different from the one we had.”