Jerome Powell strikes a hopeful tone but emphasizes the pandemic’s uneven costs. - News Summed Up

Jerome Powell strikes a hopeful tone but emphasizes the pandemic’s uneven costs.


Jerome H. Powell, the Federal Reserve chair, struck a hopeful tone about the United States economy in a speech on Monday — but he emphasized that the economic fallout from the coronavirus pandemic has disproportionately harmed vulnerable communities. “While some countries are still suffering terribly in the grip of Covid-19, the economic outlook here in the United States has clearly brightened,” Mr. Powell said. More than 20 percent of Black and Hispanic prime-age workers were laid off in 2020, versus 14 percent of white workers. Roughly 22 percent of parents were not working or were working less thanks to child-care and school disruptions. About 36 percent of Black mothers, and 30 percent of and Hispanic mothers, were not working or were working less.


Source: New York Times May 03, 2021 18:33 UTC



Loading...
Loading...
  

Loading...