US economy showing improvement but path ahead ‘uncertain’, says Fed chair

Jerome Powell told congressional panel economy remains far from where it was and full recovery likely when virus under control

America’s economy has shown “marked improvement” since the coronavirus pandemic drove it into recession, but the path ahead remains “highly uncertain”, the Federal Reserve chair, Jerome Powell, told a congressional panel on Tuesday.

Noting the rebound in jobs and household spending since the economy cratered in the spring and early summer, Powell said it still remains far from where it was “and the path ahead continues to be highly uncertain … A full recovery is likely to come only when people are confident it is safe to re-engage in a broad range of activities” with the coronavirus under control.

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