Fed's Powell: U.S. may be in recession, control of virus to dictate timing of economy reopening
WASHINGTON - U.S. Federal Reserve Chair Jerome Powell told Americans on Thursday progress in controlling the spread of the coronavirus would determine when the economy reopens but assured them the Fed was taking every action to support a vigorous rebound when it comes.
Powell spoke just about an hour before federal data showed a record-breaking spike of unemployment claims to 3.28 million, evidence that “social distancing” to fight the pandemic has taken hold, but may also have ended the country’s more than decade-long economic expansion. “The first order of business will be to get the spread of the virus under control and then resume economic activity.”
As a rule of thumb, a recession is a period when the economy’s overall level of output, or gross domestic product, contracts for two consecutive three-month quarters. However the definition used by the National Bureau of Economic Research’s Business Cycle Dating Committee, the group that determines when such periods begin and end, is far more flexible - and even a sharp downturn over a month or two may not qualify if the rebound is quick and sustained.
A deliberate choice to close stores in the name of public health, Powell said, “is not a typical downturn...There is nothing fundamentally wrong with our economy.”
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
'We may well be in a recession,' says Fed Chairman Jerome Powell"There can be a good rebound on the other side of this," said Federal Reserve Chairman Jerome Powell.
Consulte Mais informação »
'We may well be in a recession,' says Fed Chairman Jerome Powell'There's nothing fundamentally wrong with our economy, quite the contrary,' Federal Reserve Chairman Powell tells TODAYShow, while acknowledging that 'We may well be in a recession.'
Consulte Mais informação »
Powell Says Economy May Be in Recession, Virus Will Dictate TimetableThe chairman of the Federal Reserve said the Fed’s job now is to make sure businesses of all sizes can have a bridge of support so that the economy can recover faster.
Consulte Mais informação »
Bindi Irwin Shared a Photo From Her Super-Private Wedding to Chandler PowellBindi Irwin Shared a Photo From Her Private Wedding to Chandler Powell
Consulte Mais informação »
Bindi Irwin Marries Chandler Powell at Australia Zoo: 'Today We Celebrated Life'Bindi Irwin and Chandler Powell are officially husband and wife! The couple tied the knot on Wednesday at the Australia Zoo, Bindi announced on Instagram.…
Consulte Mais informação »