The U.S. economy faces stiff headwinds in staging a strong recovery as a surge in coronavirus cases without a vaccine in sight and few treatment options will likely limit consumer spending and the labor market, U.S. Federal Reserve policymakers said on Tuesday.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
The next three to six weeks could prove critical in the pace of an economic recovery that Bostic suggested may plateau sooner and at a lower pace than has been expected. After large swathes of the U.S. economy reopened and trillions of dollars in fiscal stimulus began to reach the unemployed and hard-hit businesses, the economy created 4.8 million jobs in June.
With the virus still circulating, there’s a limit to how much people will want to risk their health eating out or undertaking other potentially risky economic activity, she said. Daly noted the “untenable” position of state and local governments, which will need to cut staff as tax revenue declines and spending on safety net services increases.A Fed survey released Tuesday morning showed Americans may be hunkering down for a longer-than-expected fight against the virus and its economic fallout.
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