Federal Reserve Chair Says US Economy Recovery May Begin By Summer If there is not another wave of COVID-19,
Jerome Powell says America could start
to return in this year's second half. Jerome Powell, via
'60 Minutes' He explains that it is because the collapse was
not orchestrated by a housing or bank crisis. Powell added that the economy's recovery process
will take a longer time than the downturn. According to the Federal Reserve Chair,
it could go on through the end of 2021. In only two months, the pandemic has led to
36 million seeking unemployment benefits. According to the Associated Press, America's
14.7 percent unemployment rate is also expected to rise. Powell says the rate could reach levels
not seen since the Great Depression, but
adds that banks are in better shape now. For parts of the economy that require
groups of people to congregate, Powell
notes recovery will be more challenging. In order for normal economic shopping
and travel behavior to resume, he
explains that a vaccine is needed.