The US labour market faces a lengthy recovery and the economy will not see “maximum employment” this year, Federal Reserve chair Jerome Powell said on Thursday.
As the economy recovers, Powell said “you could see prices moving up” but those increases are likely to be transient.The Fed, however, will not act until the economy has returned to maximum employment and inflation is both above the bank’s 2.0% goal and on track to remain there “for some time.”Meanwhile,
An additional 436,696 people, not seasonally adjusted, filed claims under the Pandemic Unemployment Assistance programme aiding freelance workers, bringing total new applications to nearly 1.2 million. Business restrictions to stop Covid-19 from spreading caused mass layoffs in the United States beginning last March, and even as virus cases have ebbed and flowed, weekly jobless claims have yet to drop below the worst single week of the 2008-2010 global financial crisis.
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