Fed chief: U.S. economic recovery is far from over

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Fed chief: U.S. economic recovery is far from over

The recovery of the U.S. economy hit by the pandemic coronavirus is not yet complete, the head of the nation’s central bank told lawmakers.

“The economic recovery remains uneven and far from over, with the way forward seeming very uncertain,” Federal Reserve Chairman Jerome Powell told the Senate Banking Committee.

“While there has been significant progress in the labor market since the spring, millions of Americans remain unemployed,” he added.

The U.S. Labor Department reported that the unemployment rate in January was 6.3 percent.

Meanwhile, earlier this month, Powell said it was “close to 10 percent,” more than double the rate of February last year, when the virus had not yet begun to infect millions of Americans and forced thousands of companies to close or limit their operations.

Powell warned that so far “the economy is far from our unemployment and inflation targets, and it will probably take some time to make substantial further progress.”